Healthcare Flexible Spending Account (FSA)

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Protect yourself against the rising costs of healthcare.

A healthcare flexible spending account (FSA) is a smart and easy way to save money while protecting yourself and your family from expensive medical-related bills. Whether you have frequent anticipated medical costs, or simply want to be prepared financially should an unforeseen accident occur, allocating funds to an FSA can save you up to 30% on eligible healthcare expenses. Since the funds are pre-tax, every dollar you contribute earns you more in tax savings -- and with the rising cost of healthcare, every dollar matters.

Eligible FSA expenses include those related to medical, dental and vision that are not covered by your insurance plan. We have provided a comprehensive list here. If you want to shop eligible items online, you can also visit the FSA Store.

OFFICE VISIT COPAYS, PRESCRIPTION DRUGS, & SOME OVER-THE-COUNTER ITEMS ARE ALL ELIGIBLE EXPENSES UNDER AN FSA.



Here's an example of how a participant can increase their take-home pay by participating in an FSA:

How does it work?

When you choose to participate in your employer-sponsored FSA, you will elect a total dollar amount to contribute to your account, funded in the form of pre-tax payroll deductions.

Although your election will be taken out of each paycheck incrementally over the course of the year, the total dollar amount you elect will be available in your FSA account on day one of the plan year.

Things to consider:

  • FSAs are not portable. That means that if you leave your job, you will potentially forfeit any funds remaining in your account.

  • The ability to roll over FSA funds from year to year is limited, and dependent on your plan design. That means that there is a risk of forfeiting any funds that you do not use during a given plan year (this is frequently referred to as the “use it or lose it” provision). Fortunately, there are new provisions in place to protect FSA participants from this concern. If your employer offers this, you may have the ability to roll over up to $500 from plan year to plan year. Check with your employer to verify the specific rules and features associated with your company's plan.

How much should I contribute?

We recommend taking a look back at your expenses over the last year and making an estimate based on that total. Visit our online calculator to help you choose your contribution amount.


How much am I allowed to contribute?

Annual contribution limits are established by your employer, with annual caps set by the IRS. For 2019, the maximum contribution limit for a healthcare FSA is $2,700.

Easily access and manage your FSA funds.

Quickly and conveniently pay for qualified medical expenses with your MyAmeriflex Card. The card will automatically withdraw the funds from your FSA account when you swipe it at eligible merchants and (in most cases) eliminates the hassle of having to verify the eligibility of an expense later on.

Convenience and award-winning customer service – right at your fingertips! With the MyAmeriflex Mobile App, you can access your account from anywhere. Check your balance, file a claim, or check on the status of a reimbursement, all from your mobile phone.

Account management just got easier. By logging into MyAmeriflex, you can gain access to resources aimed at helping you maximize the value of your FSA plan. In addition to managing all aspects of your account, you can also access interactive how-to’s, spending calculators, and more.

Still have questions?

Search our FAQ archive to see if someone else asked first.