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.
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.
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 2020, the maximum contribution limit for a healthcare FSA is $2,750.
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.