SPENDING ACCOUNTS
The Merion Cricket Club provides the opportunity to participate in several spending accounts. The health savings account is administered through Payflex. Both flexible spending accounts and dependent care accounts are administered by Ameriflex. Additionally, Merion will continue to offer a Transit Reimbursement Account (TRA) administered through Ameriflex for the 2025/2026 plan year.
Since the funds in these spending accounts are pre-tax, every dollar you contribute earns you more in tax savings!
IMPORTANT: You cannot participate in both a Health Savings Account and Healthcare Flexible Spending Account.
HEALTH SAVINGS ACCOUNT (HSA)
- An HSA is a personal bank account that is yours to keep.
- It’s portable. Even if you change jobs, you get to keep your HSA.
- You can use your HSA to pay for qualified medical expenses.
- It allows for an improved retirement account. Funds roll over at the end of each year and accumulate tax-free, as does the interest on the account.
- Once you reach the age of 55, you are allowed to make additional “catch-up” contributions up to $1,000 to your HSA until age 65.
Please note if you are enrolled in Medicare, you are not eligible to contribute to an HSA. Making contributions while ineligible can result in tax penalties. If you are approaching (or are older than) age 65, you should make time to discuss your HSA contribution strategy with a tax advisor.
2025 ANNUAL CONTRIBUTION LIMITS $4,300 for Individual / $8,550 for Family Catch-Up Contributions: $1,000/year (HSA owners 55 and older)
Merion will continue to contribute $1,250 into the HSA for singles, and $2,000 for all other tiers of coverage.
This is funding provided by Merion to help offset eligible expenses that apply to your deductible. You are not required to contribute to this account to obtain the funding.
HOW IT WORKS
Present your Cigna Card
Complete your visit with provider.
Provider will submit claim for processing visit
Cigna will adjust the claim and prepare the EOB (Explanation of Benefits)
You will receive an EOB and and invoice from your provider
Pay the patient responsibilty from your HSA account
OTHER SPENDING ACCOUNTS
FLEXIBLE SPENDING ACCOUNT
Eligible expenses include medical, dental and vision expenses. Some over the counter items are also considered eligible expenses. You are able to purchase eligible items online, visit the FSA Store by clicking the button below.
You can elect up to $3,300 annually. Your annual election is subject to the use-it-or-lose-it rule, which means you will forfeit any unused funds remaining in your account when the next plan year begins on December 1, 2024. However, the account does feature a $660 carryover provision, allowing you to carry $660 of remaining funds into the next plan year. Any amount over $660 will be forfeited.
Please note, if you are enrolled in the CIGNA HDHP w HSA, you may enroll in the FSA, however, the account becomes a Limited Purpose FSA. This mean you may only use the funds for eligible dental and vision expenses.
DEPENDENT CARE ACCOUNT
If you have a child (under the age of 13) or disabled loved one, you might rely on services like day care or home aide to be able to go to work. Lessen the financial burden by enrolling in this account.
Eligible expenses include day care, babysitting, before and after school programs. You are able to elect up to $5,000. Please note this is a use-it-or-lose-it election, which means you will forfeit any unused funds remaining in your account when the next plan year begins on December 1, 2025.
Please note, funds in this account can only be accessed as they are deducted from your pay.
TRANSIT REIMBURSEMENT ACCOUNT
The Transit Account reduces your commuting expenses by allowing you to set aside pre-tax money for qualified transit and parking expenses you incur while getting to and from work.
The maximum amount you can contribute is $325 per month. Eligible expenses include:
- Transit pass expenses, such as a SEPTA key card or pass.
- Lyft Shared rides. Please note, individual rides are not eligible, it must be a shared ride.
Please note, these funds can be carried over from month-to-month, however any unused funds will be forfeited upon termination.
Ameriflex Resources
The Ameriflex portal is a useful resource you have available to you in order to check account balances, submit claims, submit receipts, and more! Click the button below to learn more about the Ameriflex Portal:
Merion has implented MyPlanConnect through Ameriflex. This feature allows you to provide substantiation for medical claims with ease. This will help to eliminate requests from Ameriflex for documents pertaining to your debit card to prove you utilized the flexible spending account on an eligible expense. To learn more about the program and how to set it up, please click the button below.
How does a Flexible Spending Account (FSA) work?
Here’s an example of how a participant can increase their take-home pay by participating in a FSA:
Annual Income
Unreimbursed Expenses
Annual FSA Contribution
Taxable Salary
Tax Deduction (est. 35%)
Net Take-Home Pay
ANNUAL SAVINGS
WITHOUT FSA
$40,000
$2,000
$-
$40,000
$14,000
$24,000
$0
WITH FSA
$40,000
$-
$2,000
$38,000
($13,300)
$24,700
$700
