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.

There’s an app for that!

With the PayFlex Mobile app, you can:

  • Manage your FSAs and view alerts
  • Snap a photo of your receipts to submit claims
  • View PayFlex 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)$3,600/
$7,200 less company contributions (see below)
Additional $1,000 catch-up contribution for colleagues age 55+
$2,750$2,750$5,000 (or $2,500 if you are married and filing separately)
Your maximum contribution (Single/family)$3,100/$6,200$2,750$2,750 $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 $550 in unused funds to the next year, as long as you stay an active employeeYou can carry over up to $550 in unused funds to the next year, as long as you stay an active employeeUnused funds from 2020 will carry over to 2021. Unused funds from 2021 will also carry over for use in 2022.
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.

Here’s How the HSA Works

 

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Build It

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.

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Use It

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

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Grow 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.

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Keep It

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

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: $3,600 for single coverage; $7,200 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

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 2021, you can set aside up to $2,750 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 2021, you can contribute up to $2,750 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 2021, 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. Note: Carryover amounts from 2020 to 2021 and 2021 to 2022 do not contribute to the IRS annual contribution limit.

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 PayFlex 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.

Follow the instructions below to learn more.

PayFlex Card claim filing

When you participate in the Health Care FSA and Limited Purpose FSA, you will receive a PayFlex debit card to pay for your eligible expenses. To submit your claims via a claim form, you will need to log in to www.payflex.com and select “File a Claim."

If you are required to substantiate your card transactions, you will need to provide documentation such as an Explanation of Benefits (EOB) or an itemized statement to verify that your purchases were eligible expenses and were processed through your insurance first. To do so, you must log in to www.payflex.com to see whether your card has any outstanding transactions requiring documentation. If you have an outstanding transaction, select the transaction for which you need to provide an EOB or itemized receipt. Then, select Fax My Receipts or Upload My Receipts. In order to upload, you must submit the document in PDF Format.

Once PayFlex has reviewed and accepted your documentation, your transaction(s) will be removed from the alerts on My Dashboard. Please allow at least 48 hours for this to occur.

Online claim filing

You can file your claim online. Log in to your member web portal and under “Quick Links” select “File a Claim.” Follow the four quick steps on the site to file your claim.

Paper claim filing

If you prefer to file your claim by mail, follow these steps. Claim forms are available on your member web portal.

  1. Click on “My Resources” and then click on “Administrative Form — Reimbursement Account Forms.”
  2. Fill out and print the correct claim form for your account and expense type.
  3. Complete all sections.
  4. Sign and date the claim form. Note: If you send in an incomplete or unsigned form that will delay your payment.
  5. Include the supporting documentation noted in the form for all expenses on the claim form.
  6. Mail or fax entire submission to the address or fax number listed on the claim form.

Keep a copy of your entire claim submission. PayFlex will not return any of this paperwork to you. You may need to refer to this information.

How to use your PayFlex debit card

When you contribute to a Health Care FSA or Limited Purpose FSA, you’ll receive a PayFlex 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 PayFlex 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 PayFlex member website or PayFlex Mobile® app. Note: Standard text messaging and other rates from your wireless carrier may apply.