Looking for ways to save some money? Let us introduce you to the TexFlex flexible spending accounts, or FSAs for short. TexFlex FSAs are administered by PayFlex and regulated by the IRS.

When you enroll in an FSA, you decide how much you think you may spend on eligible medical or dependent care expenses each plan year. You can then have a set amount of money deducted from each paycheck before taxes. This lowers your taxable income and the amount you pay in federal income taxes.

Let’s say your annual income is $50,000 and your medical expenses for the plan year will be about $2,000. Setting aside that $2,000 contribution makes your taxable income $48,000. The lower the taxable income, the lower the amount you pay in taxes, which saves you money.

TexFlex offers three FSAs – the health care FSA, a limited-purpose FSA and a dependent care FSA.

All benefits-eligible active employees and return-to-work retirees with active employee benefits can enroll in the health care and dependent care FSAs. However, only Consumer Directed HealthSelect participants can enroll in the limited-purpose FSA.

You can use the health care FSA to help pay for expenses that your health, prescription, dental or vision plan doesn’t cover – like your deductibles, copays and coinsurance. You can find a full list of eligible expenses at TexFlexERS.com. You have until the end of the plan year to use your money. If you don’t use it all, you can carry over up to $570 to the next plan year.

This plan is prefunded, which means you have access to your full contribution amount on your first day in the program.

Spending your funds is easy. You’ll automatically get a TexFlex debit card at no cost, which you can use to pay your eligible expenses. PayFlex may ask you to send documents to verify your expenses are eligible.

Now let’s look at the limited-purpose FSA.

This FSA is only an option for employees enrolled in the Consumer Directed HealthSelect plan. And it can only be used for eligible dental and vision expenses. Participants will have access to their full contributions on the first day of the program. They’ll also get a TexFlex debit card to help pay for eligible expenses.

Last, let’s talk about the dependent care FSA.

If you have children under age 13 who go to daycare, preschool, before- or after-school care, or day camp while you work, you can use the dependent care FSA to help pay these expenses. You can also use it to help pay for care for a spouse or adult dependent who’s incapable of self-care.

You typically need to pay for eligible services out of pocket. Once you receive the service, you can submit a claim to reimburse yourself up to the available account balance. You can’t use a TexFlex debit card to pay for dependent care expenses. The quickest way to get reimbursed is to link your TexFlex account to your bank account through TexFlexERS.com.

Unlike the other two FSAs, this account isn’t pre-funded. Your annual contribution amount will be deducted from your paychecks – and available to you -- throughout the year. Any funds left in a dependent care FSA at the end of the year won’t roll over.

Once you have a TexFlex FSA, you should set up your online account at TexFlexERS.com. If you have a health care or limited-purpose FSA, have your TexFlex debit card nearby — you’ll need it to help verify your account.

After you set up your online account, download the free PayFlex Mobile app to manage your account.

You can do things like check your account balance, view account activity and request reimbursement.

The TexFlex plan year ends on August 31 for all three FSAs. But the dependent care FSA has a grace period. This means you have two and a half more months to use your money. Just be sure to use all of it by November 15 so you don’t lose it.

If you need more help with TexFlex FSAs, we’ve got you covered. The best place to start is TexFlexERS.com. If you can’t find what you’re looking for, send an email or chat with us through the website. Or just give us a call toll-free at 866-353-9839 (TTY: 711). We’re here to help Monday through Friday, 7 a.m. to 7 p.m. Central Time, and Saturday, 9 a.m. to 2 p.m. Central Time.