Savings and spending accounts offer a great way to pay for your eligible medical, dental, and vision expenses with pre-tax dollars. AXA XL offers the following accounts to choose from:
Health Savings Account (HSA)
When you enroll in one of the OAP HSA plans, an HSA is automatically opened for you through HSA Bank. The HSA has many advantages, including tax-free benefits, no use it or lose it rule, and a convenient way to pay for eligible healthcare expenses. Plus, you will be eligible to receive an annual contribution from AXA XL: $500 when you enroll in single coverage and $1,000 for all other coverage levels. Prorated contribution amounts are available if enrolling mid-year.
If you have a balance in another HSA account and would like to roll it into your HSA Bank HSA account, see the HSA Rollover Instructions document on this page.
Health Care Flexible Spending Account (FSA)
If you enroll in the OAP Plan or a non-high deductible plan outside of the company, you may participate in the Health Care FSA for qualified medical, dental, and vision expenses. For 2020, you can contribute a maximum of $2,700 (subject to change each year).
Limited Purpose FSA
If you enroll in one of the OAP HSA plans or a qualified high deductible health plan outside of the company, you may contribute to a Limited Purpose FSA that can be used for eligible dental and vision expenses only. For 2020, you can contribute a maximum of $2,700 (subject to change each year).
Got a balance in your 2019 FSA?
Legacy AXA Art, Insurance and Matrix colleagues:
- If you are carrying over a balance through your 2019 FSA vendor, that grace period will be administered through your current vendor and you’ll continue to submit claims to them for the runout period.
- If you are currently enrolled in a Health Care FSA, which allows claims submissions for medical, dental and vision expenses, and you are considering switching to a high deductible health plan (OAP HSA 1 or OAP HSA 2 plans) for 2020, you will not be eligible to contribute to your HSA or receive the Company contribution to your HSA while you have a Health Care FSA balance. Your extended grace period must be exhausted before you can make or receive contributions to your HSA account in 2020.
- If you would like to enroll in an OAP HSA plan and receive the HSA benefits for January 2020, you will have to use the funds in your 2019 Health Care FSA by December 31, 2019.
- If you will not be eligible to receive the Company contribution to the HSA in January, you will need to email RMBenefitsAdministration@axaxl.com by January 15, 2020.
Legacy XL Catlin colleagues: If you switch between the OAP and the OAP HSA plans from 2019 to 2020 and have a carryover balance in your 2019 Health Care FSA, PayFlex will carry your balance over to the Limited Purpose FSA.
Dependent Day Care FSAThe Dependent Day Care FSA can be used for eligible dependent day care expenses, for eligible children and dependent adults. You may contribute up to $5,000 ($2,500 if you and your spouse file separate tax returns) for 2020 (subject to change each year).