HSA / FSA
BUDGETING FOR YOUR CARE
If you enroll in the Aetna Silver or Bronze HDHP, you may be eligible to open and fund a health savings account (HSA) through PayFlex.
An HSA is a savings account that you can use to pay out-of-pocket health care expenses with pre-tax dollars.
HEALTH SAVINGS ACCOUNT
P.F. CHANG’S CONTRIBUTION
If you enroll in the Aetna Silver or Bronze HDHP, and contribute to the HSA, P.F. Chang’s will add a matching bonus to your paycheck for each dollar you contribute up to the following amounts per year.
- Team Member only coverage: $500 per year
- All other coverage levels: $1,000 per year
The matching bonus is prorated based on the number of pay periods you are enrolled in the plan.
2024 IRS HSA CONTRIBUTION MAX
Contributions to an HSA (including the P.F. Chang’s contribution) cannot exceed the IRS allowed annual maximums.
- Team Member only coverage: $4,150
- All other coverage levels: $8,300
If you are age 55+ by December 31, 2024, you may contribute an additional $1,000.
HSA ELIGIBILITY
You are eligible to fund an HSA if:
- You are enrolled in the Aetna Silver or Bronze HDHP.
You are NOT eligible to fund an HSA if:
- You are covered by a non-HSA eligible medical plan, health care FSA, or health reimbursement arrangement.
- You are eligible to be claimed as a dependent on someone else’s tax return.
- You are enrolled in Medicare, TRICARE, or TRICARE for Life.
Refer to IRS Publication 969 for additional eligibility details. If you are over age 65, please contact Human Resources.
MAXIMIZE YOUR TAX SAVINGS WITH AN HSA
SPEND - Pay for eligible expenses such as deductibles, dental and vision exams, menstrual care products, and prescriptions.
SAVE - Roll over funds every year to boost your long-term savings. Even if you switch health plans or jobs, the money is yours to keep.
INVEST - Invest and grow HSA funds tax free—including interest and investment earnings. After age 65, spend HSA dollars on any expenses penalty free.
FLEXIBLE SPENDING ACCOUNTS
P.F. Chang’s offers three flexible spending account (FSA) options through PayFlex.
HEALTH CARE FSA (NOT ALLOWED IF YOU FUND AN HSA)
Pay for eligible out-of-pocket medical, dental, and vision expenses with pre-tax dollars.
The health care FSA maximum contribution is $3,050 for the 2024 calendar year.
LIMITED PURPOSE HEALTH CARE FSA (IF YOU FUND AN HSA)
If you fund an HSA, you can also fund a limited purpose health care FSA. The limited purpose health care FSA can only be used for dental and vision expenses.
The limited purpose health care FSA maximum contribution is $3,050 for the 2024 calendar year.
DEPENDENT CARE FSA
The dependent care FSA allows you to pay for eligible dependent day care expenses with pre-tax dollars. Eligible dependents are children under 13 years of age, or spouse/DP, a child over 13, or elderly parent residing in your home who is physically or mentally unable to care for him or herself. For additional information, please refer to the IRS Publication 503 regarding child and dependent care expenses.
You may contribute up to $5,000 to the dependent care FSA for the 2024 calendar year if you are married and file a joint return or if you file a single or head of household return. If you are married and file separate returns, you can each elect $2,500 for the 2024 calendar year.
HOW TO USE AN FSA
CONTRIBUTE - Decide how much to contribute to your FSA on a calendar year basis up to the maximum allowable amounts. This amount will be evenly divided by the number of pay periods* and deducted on a pre-tax basis from your paycheck.
PAY - Use your FSA debit card to pay for eligible expenses at time of service or submit a claim for reimbursement at payflex.com. Keep all receipts in case PayFlex requires you to verify the eligibility of a purchase.
USE IT OR LOSE IT - Use your FSA funds before the end of the year—FSA funds are considered use-it-or-lose- it. This means any remaining balance in your FSA at the end of the plan year will be forfeited.
Resources
HOW TO ENROLL
Review the available plan options and log into the Workday self-service portal at https://www.myworkday.com/wday/authgwy/pfchangs/login.htmld
IF YOU FORGOT YOUR PASSWORD
Existing users, click the FORGOT PASSWORD link and follow the prompts. New users, see your Manager about having your password reset.
