Benefits - TexFlex DefinitionWhat is TexFlex and why would I want it?
TexFlex is a flexible spending account that lets you pay for planned out-of-pocket health and dependent day care expenses tax-free. You can choose between a health care account or day care account, or use both. You don’t have to be enrolled in health coverage to use this benefit.
When you pay for planned out-of-pocket health expenses tax-free, you increase your take-home pay. You can usually save about 22.65% in taxes, based on a 15% income tax bracket. If you’re in a higher tax bracket, you’ll save even more.
TexFlex is a use-it-or-lose-it plan, meaning you have 14.5 months to spend all the money you set aside in an enrollment year. Therefore, TexFlex is best for those who have known, quantifiable expenses in the upcoming year.
Need additional assistance? Call the HR Service Center at 713-743-3988 to discuss your situation in greater detail or to schedule an appointment with a Benefits representative.