What do I need to know about the BESTflex Plan?
The BESTflex Plan is a convenient way for you to save money on eligible expenses. With the BESTflex Plan, a portion of your paycheck is deposited in one or more Flexible Spending Accounts (FSAs) on a pre-tax basis. You can then use these funds to pay for out-of-pocket eligible expenses, which may include health or dependent care expenses.
How does the BESTflex Plan save me money?
The contributions that you make to your FSA are exempt from Federal, State, and FICA payroll taxes. This means that you save approximately 30%* on your eligible expenses, making a $100 eligible expense cost you about $70.
*These tax examples are broad approximations of tax liability. Your specific savings depend on your tax bracket. You should consult a tax advisor for help with your own situation. Current IRS tax laws control all BESTflex Plan matters and are subject to change.
Flexible Spending Accounts (FSAs)
You may participate in any BESTflex Plan accounts available under your employer’s plan design, as long as you are eligible to participate. Log into your online account to review My Company Plan and see what accounts you are eligible for. The most common options are the Health Care FSA and Dependent Care FSA.
Health Care FSA
There are two types of Health Care FSAs: a standard health FSA and a limited health FSA. With both Health Care FSAs, you choose how much pre-tax money you would like to contribute to the FSA, up to the annual limit.
When paying for eligible products and services, your Benefits Card* is the most convenient way for you to access your FSA funds. Your Benefits Card is a prepaid debit card that uses funds directly from your benefits plan. You can also pay for your eligible expenses out-of-pocket and then be reimbursed. For reimbursement, you must submit a claim form through your online account or on our mobile app.
*Some employers may choose not to offer the Benefits Card. Refer to My Company Plan for details about your specific plan.
Standard health FSA
A standard health FSA allows you to pay for eligible medical, vision, and dental expenses that are not covered by another health plan.
Limited health FSA
A limited health FSA allows you to pay for eligible vision and dental expenses that are not covered by another health plan. A limited health FSA is a great option if you (or your spouse, if you’re married) contribute to a Health Savings Account (HSA) because you can participate in both of these plans at the same time.
Dependent Care FSA
A Dependent Care FSA allows you to set aside pre-tax funds to pay for daycare expenses for children or other eligible dependents. You (and your spouse, if you’re married) must be working, looking for work, or be a full-time student to use this account. When you enroll in this plan, you choose how much pre-tax money you would like to contribute to the FSA, up to the annual limit.
When you enroll in a Dependent Care FSA, you pay for your eligible daycare expenses out-of-pocket and then are reimbursed after completing a claim form. Claims for reimbursement can be submitted through your online account or on our mobile app.
BESTflex Plan Online Account
The best way to access and manage your BESTflex Plan account is online. Manage your BESTflex Plan Online Account to view account details, set up direct deposit, and submit online claims.