Savings and Spending Accounts
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- Access all account types wherever you go.
- Take a photo with your device to initiate claims and payments.
- Send payments to providers or reimburse yourself for out-of-pocket expenses from your HSA.
- Link your debit card transactions to claims and documentation.
- View the status of claims as well as link payments and documentation to claims.
Tax-Advantaged Savings/Spending Accounts
Health Savings Account (HSA)
A Health Savings Account (HSA) lets you save money before taxes to pay for eligible medical, dental, vision, or prescription costs.
Key Features:
- If you choose either the HSA Premium Plan or the HSA Value Plan, you may be eligible to have an HSA.
- You can contribute pre-tax money, which helps lower your taxable income.
- You can change how much you contribute to your HSA at any time during the year.
- You can invest your HSA funds to potentially grow your savings.
- The money in your HSA is yours to keep. It won’t expire, can roll over each year, and can be taken with you if you leave the company. You can also use it for healthcare expenses in retirement.
- It’s a good idea to assign a beneficiary to your account.
Contribution Limits for 2026:
- $4,400 for employee-only coverage
- $8,750 for family coverage
- If you're 55 or turning 55 this year, you can add an extra $1,000 as a catch-up contribution.
- Note: These limits include both your contributions and those from AEP.
Eligibility:
You cannot contribute to a Health Savings Account (HSA) if any of the following apply as of January 1, 2026:
- You are covered by a Health Plan that is not compatible with HSAs. This includes your spouse or domestic partner’s Plan if it’s secondary coverage, or an Executive Medical Plan.
- You are enrolled in a regular Health Care Flexible Spending Account (HCFSA) set up by you, your spouse, domestic partner, or any family member.
- You are a veteran and have received or plan to receive veterans’ medical benefits within the three months leading up to January 1.
- You have received medical services from the Indian Health Service within the three months before January 1.
- You can be claimed as a dependent by someone else for tax purposes.
- You are enrolled in Medicare or Medicaid.
- You are active in the military.
Health Care Flexible Spending Account (HCFSA)
A Health Care Flexible Spending Account (HCFSA) lets you set aside pre-tax money to pay for eligible medical, dental, vision, or prescription expenses during the year.
Key Features:
- You can open an HCFSA if you are not contributing to a Health Savings Account (HSA).
Contribution Limit for 2026: $3,400
All expenses for 2026 must occur by December 31, 2026, and you need to submit claims by March 31, 2027, to get reimbursed.
Forfeiture: After April 1, 2027:
- If you have unused funds from 2026 over $10 but less than $680 (or 20% of the IRS maximum), those funds will carry over to 2027.
- Amounts above $680 and less than $10 will be lost.
- Important Reminder: If you have HCFSA funds from 2025, expenses must be incurred by December 31, 2025, and claims submitted by March 31, 2026. Unused funds over $660 and under $10 from 2025 will be forfeited if not used.
Limited Purpose Flexible Spending Account (LPFSA)
A Limited Purpose Flexible Spending Account (LPFSA) lets you set aside pre-tax money for eligible expenses, including dental and vision costs.
Key Features:
- If you are contributing to a Health Savings Account (HSA) or participating in the HSA Premium Plan, you cannot participate in a Health Care Flexible Spending Account (HCFSA) during the same calendar year. However, you can choose to enroll in the LPFSA.
- You can also use LPFSA funds for medical services after you meet the minimum IRS deductible.
Contribution Limit for 2026: $3,400
All expenses for 2026 must occur by December 31, 2026, and claims need to be submitted by March 31, 2027, for reimbursement.
Forfeiture: After April 1, 2027:
- Unused funds from 2026 over $10 but less than $680 (or 20% of the IRS maximum) will carry over to 2027.
- Amounts above $680 and under $10 will be lost.
- Important Reminder: If you have LPFSA funds from 2025, expenses must be incurred by December 31, 2025, and claims submitted by March 31, 2026. Unused funds over $660 and under $10 from 2025 will be forfeited if not used.
Dependent Care Flexible Spending Account (DCFSA)
A Dependent Care Flexible Spending Account (DCFSA) allows you to save pre-tax money to help pay for the care of an eligible child or adult while you and your spouse are working, looking for work, or attending college full-time.
Key Features:
- Usage: The DCFSA cannot be used for health care expenses for you or your dependents.
- Claim Submission: All expenses for 2026 must occur by December 31, 2026, and claims need to be submitted by March 31, 2027, for reimbursement.
Contribution Limits for 2026:
- If you are single, you can contribute up to $7,500 per year.
- If you are married and file jointly, you and your spouse can contribute a combined total of up to $7,500 per year, but the total cannot exceed the lesser of your or your spouse's earned income.
- If you are married and file separately, you can contribute up to $3,750 per year, but again, this cannot exceed the lesser of your or your spouse's earned income. (Special rules apply for spouses who are disabled or full-time students.)
Use it or lose it: Any remaining balance after March 31, 2027, will be lost.
- Important Reminder: If you have DCFSA funds from 2025, those funds must be used by December 31, 2025, and claims submitted by March 31, 2026, to avoid losing them.
This guide is not intended to be a Plan document, Summary Plan Description, or required notice with respect to any of the Plans mentioned. AEP reserves the right to modify, amend, suspend, or terminate the Plans at any time. Refer to the applicable Plan document if you have any questions relating to a specific Plan or benefit.