Benefits » Tax Savings » PayFlex HCRA
Your Health Care Reimbursement Account (HCRA) is administered by PayFlex. A HCRA is one of two employee benefit programs, called Flexible Spending Accounts (FSA's). The HCRA account is used to pay for eligible health care expenses not covered by your medical, dental, or vision plans.
The HCRA account allows LANL employees to set aside money, on a pre-tax basis [i.e., before federal, state, and Social Security (FICA) taxes are taken out], for certain kinds of common health care expenses. Because HCRA contributions are deducted from your paycheck on a pretax basis, you save money.
| How HCRA saves you money: an example | ||
|---|---|---|
| If you earn | and contribute this amount to HCRA | then you pay taxes only on |
| $3,000 | $200 | $2,800 |
The tax savings are reflected in your paycheck each month, all year. The amount you specified when you enrolled is deducted from your paycheck each pay period and deposited in your HCRA account.
You will receive a PayFlex Card (a MasterCard debit card) in the mail.
If you either elect not to employ the PayFlex card, or you use a provider who does not accept the PayFlex card, you may file a claim online using Express Claims or by completing a paper form to PayFlex.
You can participate in HCRA if you meet at least one of the following requirements:
You can enroll in HCRA one year at a time; it does not continue one year to the next.
| You can enroll in HCRA only at the following times: | How do you enroll in HCRA? |
|---|---|
| When you first become eligible for HCRA.* You may enroll during your period of initial eligibility (PIE), which begins the day you become eligible and ends 31 days later. |
As a newly eligible employee, you may enroll by contacting the Benefits Office at 505-667-1806 or 877-667-1806. |
| During Open Enrollment.* | During Open Enrollment, you may enroll online through the Oracle Self-Service On-Line Application. |
| When you have an eligible change in family or employment status.* | If you are a current LANS employee and have an eligible change in status, contact the Benefits Office at 505-667-1806 or 877-667-1806. |
* Be sure to check the effective date.
Your contributions for your HCRA are taken semi-monthly on a pretax basis in equal increments. You may contribute up a minimum of $180 to a maximum of $5,000 on a pre-tax basis per plan year. If both you and your spouse are LANS employees, you may each contribute up to $5,000.
The IRS requires you to forfeit any funds in your Flexible Spending Accounts not used. You have until March 15 of the plan year following the year you enroll to incur eligible expenses and until June 15 to submit reimbursement requests to PayFlex.