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How Flex Plans Work

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How MyFlex Saves You Money.
Here’s an example of how a typical employee’s take-home pay will increase as a result of participating in the MyFlex plan. An employee makes $2,000 each month and decides to participate in her employer’s Flexible Spending Account Plan. She pays her insurance premiums and health and daycare expenses through the plan with tax-free dollars. And, she is able to save $100 each month!


Your Paycheck Without MyFlex

Salary
$2,000
FICA Federal & State Taxes
-$500
Insurance premium
-$100
Health & daycare expenses
-$300
Net pay without the plan
$1,100

Your Paycheck With MyFlex

Salary
$2,000
Insurance premium*
-$100
Health & daycare expenses*
-$300
Adjusted earnings
$1,600
FICA Federal & State taxes
-$400
Net pay without the plan
$1,200