Your TexFlex account enables you to bear health and day care expenses when these are out of your budget. This flexible account helps you to arrange amount apart from your monthly paycheck to carry out health care expenses tax-free. It is the choice of the customer who does selection between the health care account and day care account and both. In the health care account, user needs to deposit pre-tax amount. This helps him to use that deposit later for suitable health, drugs vision and dental expenses that he can’t afford. He can’t use TexFlex flexible account for cosmetic surgeries, baby-sitting services, dancing lessons, divorce expenses, electrolysis or hair-removal treatment expenses, marriage, massage therapies, etc. All the eligible medical expenses that he can pay through this account are like- diagnosis- cholesterol testing, eye tests, mitigation, disease treatment- alcoholism treatment, acne treatment, anti-smoking programs, therapies including physical and oral for handicapped, acupuncture, x-rays fees, transplants, diabetic supplies such as insulin, testing strips, injections, etc.
FSA- health care plan is act like an interest and a loan amount that can be used for health care cost without paying any tax. But, it is important that your costs should be approved and listed in the eligible categories of heath care expenses. You cannot use them for your hair transplant or anything related to cosmetic surgery. If you met with an accident, you can use your TexFlex health care account for treating your injuries. In FSA-day care plan, children below 13 and adults can enjoy the benefits. When your child is under 13 or handicapped (Physical or mental) regardless of age and senior citizens can be count in the eligible list. Similarly, if your adult family member is not a self-reliant and you are giving amount for adult day care when you are not at your home, it is necessary for you to live with the dependent at least 8 hours a day. The funds cannot be used for picnics and long-term parental care.
People have to contribute at least $15 every month for his TexFlex account and can exceed up to $416. It is kind of use-it-or-lose-it scheme that means they have a year and two and a half months to avail benefits from their flexible spending account.