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Savings and spending accounts

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Last updated date: 5/23/2024

Overview

AXA XL offers you a range of savings and spending accounts that allow you to use pre-tax dollars to pay for eligible healthcare expenses, including:

  • Health Savings Account
  • Health Care Flexible Spending Account
  • Limited Purpose Flexible Spending Account
  • Dependent Day Care Flexible Spending Account

Compare our savings and spending accounts to find out what’s best for you and your family.

PayFlex is now Inspira Financial

PayFlex has changed their name to Inspira Financial. Here's what you need to know about using your FSA with Inspira Financial:

  • You'll still use the same phone number for customer service.
  • To submit claims and review your balance, you'll go to inspirafinancial.com and use the same login credentials you used on the PayFlex website.
  • If you're submitting a claim manually, you'll use a new claim form.
  • You can continue using your current PayFlex card, and there will be no interruptions to accessing your account funds.

There’s an app for that!

With the Inspira Financial Mobile app, you can:

  • You'll still use the same phone number for customer service.
  • To submit claims and review your balance, you'll go to inspirafinancial.com [link to web page] and use the same login credentials you used on the PayFlex website.
  • View Inspira Financial debit card transactions
  • View common eligible expense items, and more

Download it today from the App Store or Google Play.

How the accounts work

See how the savings and spending accounts work below. Then, take a closer look at each one by reviewing the Health Savings Account and Flexible Spending Accounts sections.

Health Savings Account (HSA)Health Care Flexible Spending Account (FSA)Limited Purpose FSADependent Care FSA
EligibilityColleagues enrolled in the OAP HSA 1 or OAP HSA 2All colleagues, except for those enrolled in the HSA plans or non-high deductible medical plans outside of AXA XLColleagues enrolled in the OAP HSA 1, OAP HSA 2, or a high deductible health plan outside of AXA XLAll colleagues
Employer contribution* (Single/family)$500/
$1,000
N/AN/AN/A
IRS maximum contribution* (Single/family)$4,150 /
$8,300 less company contributions (see below)
Additional $1,000 catch-up contribution for colleagues age 55+
$3,050$3,050$5,000 (or $2,500 if you are married and filing separately)
Your maximum contribution (Single/family)$3,100/$6,200$3,050$3,050 $5,000 (or $2,500 if you are married and filing separately)
Eligible expensesQualified medical, dental and vision expensesQualified medical, dental and vision expensesQualified dental and vision care expenses onlyQualified dependent elder and day care expenses
Earns interest tax-freeYesN/AN/AN/A
Convenient debit cardYesYesYesNo
Ability to take account with you if you leaveYesNo (only after-tax contributions continue through COBRA)NoNo
Ability to carry over fundsUnused funds carry over year to yearYou can carry over up to $610 in unused funds to the next year, as long as you stay an active employeeYou can carry over up to $610 in unused funds to the next year, as long as you stay an active employeeUnused funds will not carry over and will be forfeited at the end of the plan year.
Access to contributionsAs funds are depositedFull amount on January 1Full amount on January 1As funds are deposited
Deadline to use fundsN/A — funds roll over year to yearDecember 31 of the plan year. You must submit all claims for reimbursement by March 31 of the following plan year.December 31 of the plan year. You must submit all claims for reimbursement by March 31 of the following plan year.December 31 of the plan year. You must submit all claims for reimbursement by March 31 of the following plan year.

*Prorated for the number of full months you’re enrolled in the plan.

Health Savings Account

The Health Savings Account (HSA) is a tax-advantaged savings account through Bank of America, offered only to participants in the OAP HSA 1 and OAP HSA 2 plans. You can use your HSA to offset out-of-pocket health care costs incurred this year, or save it for future medical, dental, and vision expenses. Unlike an FSA, you do not have to file a claim for reimbursement. However, you should keep all receipts for tax purposes.

Watch the following videos to learn more about the Health Savings Account:

And use the Cigna Health Savings Account Savings Calculator to see your potential savings and account growth. You can also use the HSA calculator tool available when you go to enroll in your benefits on myHR to help assist you in estimating contributions, potential investment growth and tax savings.

Here’s How the HSA Works

Enroll in the OAP HSA 1 or OAP HSA 2 and make pre-tax contributions to your account. The Company will also make contributions to your account.

Build It

Use the HSA funds to pay for covered healthcare expenses for yourself and your dependents.

Use It

Unused money in your account will roll over to the next year. Your account balance will earn interest tax-free. Once you reach a $1,000 balance in your HSA, you can choose from the account’s options for investing your balance via Bank of America.

Grow it

You own the money in your HSA. You can even take the account with you if you leave the Company or retire.

Keep it

HSA eligibility

To enroll in the HSA, you must be enrolled in the OAP HSA 1 or OAP HSA 2. In addition:

  • You can’t have other health coverage that pays for out-of-pocket healthcare expenses before you meet your plan deductible (another high deductible plan is allowed).
  • You or your spouse can’t have a general purpose Health Care Flexible Spending Account (FSA) or Health Reimbursement Account (HRA) in the same year you have an HSA. If you wish to contribute to an FSA, you may be eligible for a Limited Purpose FSA.
  • If you are enrolled in Medicare, you are not eligible to contribute to the HSA.
  • You can’t be enrolled in TRICARE, or have received Veterans Administration (VA) health benefits in the previous three months.
  • You can’t be claimed as a dependent by someone else.

HSA contribution limits

You may contribute up to the IRS maximum to your HSA as follows: $4,150 for single coverage; $8,300 for family coverage; and an additional $1,000 catch-up contribution for colleagues who are age 55 or older.

Note: Your maximum contribution includes AXA XL's contribution to your HSA.

Flexible Spending Accounts

Try out the FSA calculator on myHR

When you go to enroll in your benefits on myHR, check out the FSA calculator tool to help assist you in estimating contributions, potential investment growth and tax savings.

Health Care FSA

If you enroll in the OAP plan or in a non-high deductible health plan outside of AXA XL, you can participate in the Health Care FSA. The Health Care FSA can be used to reimburse eligible expenses that are not covered under your medical, dental, or vision coverage.

For 2024, you can set aside up to $3,050 and expenses are reimbursed as you receive the services.

Eligible expenses are set by the IRS and include:

  • Deductibles (for medical, dental and vision)
  • Copayments,
  • Coinsurance and more.

You can receive reimbursement for eligible medical, dental and vision expenses that you incur during the current plan year. You can use your Health Care FSA funds for eligible expenses incurred by you and your tax-qualified dependents. You cannot receive reimbursement for an eligible expense more than once.

Limited Purpose FSA

If you are enrolled in the OAP HSA 1, the OAP HSA 2 or a high deductible health plan outside of AXA XL, you are eligible to contribute to a Limited Purpose FSA. A Limited Purpose FSA (LPFSA) is a flexible spending account that you can use to pay for eligible out-of-pocket dental and vision expenses. Such expenses include:

  • Dental and orthodontia care; like fillings, X-rays and braces
  • Vision care, including eyeglasses, contact lenses and LASIK surgery

For 2024, you can contribute up to $3,050 to your Limited Purpose FSA. You can only receive reimbursement for eligible dental and vision expenses that you incur during the current plan year. You can use your Limited Purpose FSA funds for eligible expenses incurred by you and your tax qualified dependents. You cannot receive reimbursement for an eligible expense more than once.

Save more now for later

Your Limited Purpose FSA may be used for dental and vision expenses. To make the most of your HSA, you might consider using the Limited Purpose FSA to cover dental and vision care, and reserving your HSA balance for other or future healthcare expenses.

Dependent Day Care FSA

The Dependent Day Care FSA can be used to reimburse you for eligible dependent day care expenses. You can only use this account for eligible dependent care expenses, such as day care for your children if you and your spouse both work, if applicable. For healthcare expenses for your dependents, please use your Health Care or Limited Purpose FSA.

For 2024, you may contribute up to the IRS maximum to your Dependent Day Care FSA as follows: $5,000 for married couples filing jointly and $2,500 for couples filing separately.

Covered dependent day care includes services from the following providers:

  • Day care centers for dependent children or adults
  • Nursery schools
  • After-school centers
  • Babysitters
  • Summer day camps (not overnight camp)

To be eligible for reimbursement, eligible care services can be provided inside or outside your home, but not by one of your dependents, such as an older child. If your child goes to a day care facility that cares for six or more children at the same time, it must be a licensed day care center. Expenses are only eligible for children up to age 13, or older children and dependents deemed incapable of self-care.

How to submit FSA claims

Filing your claims is easy! If you participate in a Health Care FSA or Limited Purpose FSA, you may use your Inspira Financial debit card where accepted.

If you do not use your debit card at the point of care, in order to receive a reimbursement for your Health Care FSA and Limited Purpose FSA, you will need to submit your claims online or through the mail. If you participate in a Dependent Day Care FSA you can submit for reimbursement by using a claim form.

Visit inspirafinancial.com and login to get started with submitting your claims.

How to use your Inspira Financial debit card

When you contribute to a Health Care FSA or Limited Purpose FSA, you’ll receive a Inspira Financial Card®. You can use it to pay for your eligible expenses at qualified merchants where MasterCard® is accepted. This includes doctor offices, hospitals, pharmacies (including mail-order prescriptions), hearing and vision care centers, and discount and grocery stores.

Note: You do not need to pay at the time of your visit unless you’re only paying for a copay. Wait until your insurance provider pays their portion and sends you an itemized statement or Explanation of Benefits (EOB) showing the amount you owe, then use your card for the payment. Remember to save your receipts because Inspira Financial might ask you to verify your card purchase was for an eligible expense. Remember, you can check your account balance and card payments at the Financial Center on the Inspira Financial member website or Inspira Financial Mobile® app. Note: Standard text messaging and other rates from your wireless carrier may apply.