(upbeat music)
Announcer: What if you had more money in your pocket
to help pay for health care expenses?
Now you can with a Flexible Spending Account sponsored
by your employer and administered by PayFlex.
The health care Flexible Spending Account,
or FSA, allows you to contribute pretax dollars
to pay for eligible health care expenses.
Such out of pocket expenses include medical,
dental, prescriptions, hearing, and vision expenses.
You can also use your fund to pay for deductibles,
copays, and co-insurance.
Here's how it works.
When enrolling in your benefits for the new plan year
estimate the amount you'll need to pay
for eligible health care expenses.
Based on your estimate make an annual pretax contribution
election to your health care FSA.
Then throughout the year use your FSA to pay
for eligible health care expenses for you,
your spouse, and any eligible dependents.
And now, it's okay if you have some funds left
at the end of the year.
The traditional use it or lose it
requirement has recently changed
and your employer has chosen to let you carry over
a certain amount each year as long as you continue
to be an active employee as of the last day
of the plan year.
The carry over amount is decided by your employer
but cannot exceed the IRS limit of $500.
Refer to your plan for the specific amount.
So it's no longer use it or lose it.
But remember, there's a limit
and any funds over that limit could be forfeited
or become subject to a run out period.
For added convenience, your employer can choose
to offer a PayFlex debit card which allows you
to access your FSA funds and immediately pay
for eligible health care expenses at qualified merchants
where MasterCard is accepted.
And you can access your account virtually anytime anywhere
through our dynamic website or our innovative
PayFlex mobile app that brings the website
and all its functionality to your fingertips.
Take advantage of your company's health care FSA
and start saving.
This has been a brief summary of a health care FSA.
(upbeat music)