What is TexFlex debit card?
How it works. Each month, your contribution is automatically withdrawn from your paycheck pre-tax and deposited into your account. When you sign-up for either a TexFlex health care or limited-purpose FSA, you’ll receive a free debit card in the mail to pay for eligible health care expenses.
Is TexFlex HSA or FSA?
A TexFlex flexible spending account (FSA) lets you set aside money from your paycheck, pre-tax, to use for eligible out-of-pocket expenses. The TexFlex program is available to all benefits-eligible active employees.
What is TexFlex health care?
A TexFlexSM health care flexible spending account (FSA) is available to benefits-eligible employees not enrolled in Consumer Directed HealthSelectSM. The health care FSA lets you set aside money on a pre-tax basis—for both you and your eligible dependents—to pay for eligible health, dental and vision expenses.
Is Tex Flex an HSA?
You should contact your employer to be certain, but you most likely have a flexible spending account (FSA) instead of a HSA, SA, or MSA. If it is a flexible spending account for medical expenses, you do not need to report it on your tax return.
What is TexFlex limited FSA?
A TexFlex limited FSA is an account that lets you set aside money on a pre-tax basis – for both you and your eligible dependents – the same way a health care flexible spending account (health care FSA) does, except it is limited to dental and vision expenses so that it complies with IRS requirements.
What is the Limited Purpose FSA limit for 2021?
$2,750
You can choose how much to contribute to your LPFSA up to the IRS limit. The IRS FSA contribution limit changes every year. In 2021 it is $2,750, and in 2022 it’s $2,850. Employer contributions to a LPFSA are not included in your annual limit.
What is the maximum FSA limit for 2021?
While the IRS 2021 pretax maximum for employee health FSA contributions is $2,750, an employer may limit its employees to less than $2,750. If employers provide health care FSA contributions, this amount is in addition to the amount that employees can elect.
What is the difference between healthcare FSA and Limited Purpose FSA?
A Medical FSA can be used to pay for your out-of-pocket expenses related to medical care, dental care and vision. A Limited FSA can only be used to pay for your out-of-pocket expenses related to dental and vision. In other words, the Limited Purpose FSA is limited to paying for those two types of expenses.
Why would I want a limited purpose FSA?
A limited-purpose FSA may be a good consideration for those who want an additional tax-advantaged account to pay for high dental or vision expenses. Your employer may also allow you to use your LPFSA to pay for additional medical expenses after you’ve reached your insurance deductible.
Are diapers FSA eligible?
Diapers are not eligible for reimbursement with flexible spending accounts (FSA), health savings accounts (HSA), health reimbursement arrangements (HRA), dependent care flexible spending accounts (DCFSA) or limited-purpose flexible spending accounts (LPFSA).
What are the benefits of a limited purpose FSA?
An LPFSA lets you use pretax dollars to pay for qualified dental and vision expenses, such as dental cleanings, fillings, vision exams, contact lenses, lens solution/cleaner, and prescription glasses. An LPFSA also lets you use pretax dollars to pay for preventive care expenses that your health plan doesn’t cover.