Open Enrollment Toolkit

Oh, hey.

Excited to see you here.

Most people listen to videos like these on mute so I wasn't expecting you.

But thanks for turning that volume up.

Where do I even start?

There's just so much I wanna chat with you about on how you can plan, save, and spend smarter.

Welcome to PayFlex.

So to break it down for you, PayFlex includes health savings plans and flexible spending plans.

And with PayFlex, you'll have the tools, services, and support to make the right decisions for your health and financial well-being.

Your health savings account, or HSA, is a smart money management tool that lets you set aside money tax-free to pay for eligible expenses such as your medical plan deductibles and co-insurance, prescriptions, even some over-the-counter stuff, like first aid and pain relievers, vision and dental care, and so on.

The money that goes into your account, which is how you save for current and future eligible expenses, is based on how much you contribute.

The current contribution limits are $3,850 for individuals, $7,750 for families.

And if you're over the age of 55, you can make a catch-up contribution of $1,000.

Plus, an HSA is a triple tax advantage account, which means that contributions, earnings, and withdrawals for eligible expenses are tax-free.

That's a win, win, win.

By the way, that HSA of yours will grow over time.

The funds roll over year to year, and the account earns interest too.

Once your account hits the minimum required balance for investments, you can start investing your money.

And PayFlex makes investing easy with a choice of funds and the facts you need, right on the website.

Plus, you can take your HSA with you whether you change plans, jobs, or decide to retire.

Now let's get you up to speed on flexible spending accounts.

There are three types.

A healthcare FSA lets you use pre-tax dollars to pay for eligible healthcare expenses that aren't covered by your medical plan.

A limited Purpose FSA can help you pay dental and vision expenses before you meet your deductible.

After that, you may be able to use your account for any eligible healthcare expenses.

A dependent care FSA can help pay for services like daycare, preschool, and elder care.

You can register easily with the PayFlex member website where you can learn about your account, calculate eligible expenses, and more.

And make sure to download the PayFlex mobile app to manage your account wherever, whenever.

Here are all the ways you can get in touch with us.

We know that enrolling in health insurance can be challenging.

And you may not know where to start.

At PayFlex, we’re here to help you make a smart choice for your overall well-being.

Choosing the right health plan can be easier than you might think.

Let’s begin with a high-deductible health plan – HDHP for short.

A high-deductible health plan comes with a lower premium, meaning less money will come out of your paycheck for coverage.

So when you select an HDHP, you’re already saving.

A high-deductible health plan can be combined with a Health Savings Account (HSA).

And when they are paired together, you can save even more.

You can contribute money from each paycheck into your HSA.

When you contribute to your HSA with the money you save from your lower premiums, you give yourself tax-free dollars.

That’s right - this is the only tax- free financial account where you can gain interest and save money while spending on qualified health expenses.

Funds in your account roll over from year to year.

And that’s how an HSA can help you build a better financial future.

As you watch your savings grow, you’ll worry less about paying for your health in the future something your 401(k) will thank you for.

And as your balance grows, you’ll be able to invest your extra HSA dollars into mutual funds for those future health care expenses.

So if life throws you a curveball, your HDHP and HSA will help keep you covered.

Your health plan should take care of the whole you — both physically and financially.

By choosing an HDHP and a PayFlex HSA, you’re making the right choice for your personal well-being.