You can save money on your health care and dependent care expenses by enrolling in a tax-efficient Health Savings Account (HSA) and/or Flexible Spending Accounts (FSAs).
Parexel offers the following accounts:
Money goes in tax-free and comes out tax-free when it’s used for eligible expenses.
Contribute to your accounts easily and effortlessly.
Plan for upcoming expenses by setting aside money each paycheck.
Note: You must enroll if you want to contribute to these accounts in 2025, even if you currently participate.
Here’s an example. Let’s say Amy decides to set aside $2,000 in an HSA or FSA for the year. Normally, on that money, she’d pay $480 in federal income tax, $100 in state income tax, and $153 in FICA tax. So, by contributing that $2,000 to her HSA or FSA, she’ll get $733 in tax savings for the year.
Without an HSA or FSA, Amy would pay … | Savings |
---|---|
24% in federal income tax……………………………………………………….. | $480 |
5% in state income tax……………………………………………………………. | $100 |
7.65% in payroll tax…………. | $153 |
Her total tax savings for the year with an HSA or FSA …………. | $733 |
This hypothetical illustration is for educational purposes only. Dollar amounts or savings will vary depending on income, state and city tax rules, and other factors. Please consult a tax, legal, or financial advisor about your own personal situation.
With the $2,000 Deductible Plan and the $3,300 Deductible Plan, you’re eligible to open and contribute money to a Health Savings Account (HSA) through WEX. The HSA is a tax-free savings account that you own. You can use it to pay for eligible health expenses anytime, even in retirement. Learn more at Aptia365.
How the $2,000 Deductible Plan and the $3,300 Deductible Plan and you HSA work together
If you’re age 55 or older, you may contribute an additional $1,000.
See how much you can contribute to an HSA in 2025: | ||
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Employee only | Employee + dependents | |
Contribution limit | $4,300 | $8,550 |
Minus Parexel’s contribution | -$500 | -$1,000 |
Maximum amount you can contribute | $3,800 | $7,550 |
Put money in tax-free.
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Pay for care tax-free.*
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Earn interest tax-free.
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* Money in an HSA can be withdrawn tax-free as long as it is used to pay for qualified health-related expenses. If money is used for ineligible expenses, you will pay ordinary income tax on the amount withdrawn, plus a 20% penalty tax if you withdraw the money before age 65.
In order to establish and contribute to an HSA, you:
You should review IRS rules for making HSA contributions if you will turn age 65 during the year.
For more information, see IRS Publication 969.
If you currently have a Health Savings Account (HSA) and want to transfer funds to a Aptia365 HSA, you will need to complete and submit the HSA Transfer Request Form availble here.
Use your HSA together with a Combination FSA for additional tax savings. The Combination FSA can be used to pay for dental and vision expenses tax-free. Then, once your out-of-pocket expenses have met the IRS-required medical deductible of $1,600/individual and $3,300/family, your Combination FSA starts acting like a regular Health Care FSA — you can use it for any eligible health care expense, including medical and prescription costs.
Save money on health care and/or dependent care expenses by using a tax-free FSA. The money you contribute to these accounts comes from your paycheck before it is taxed, and you withdraw it tax-free to pay for eligible expenses.
Available to employees who enroll in the $1,000 Deductible Plan or the $1,500 Deductible Plan, or who waive Parexel medical coverage
Available only to employees who enroll in the $2,000 Deductible Plan or the $3,300 Deductible Plan
Available to regular employees who work 30+ hours per week
HSA | Combination FSA | Health Care FSA | Dependent Care FSA | |
---|---|---|---|---|
Available with |
$2,000 Deductible Plan
$3,300 Deductible Plan |
$1,000 Deductible Plan $1,500 Deductible Plan (Also available if you waive medical coverage) |
Available to all eligible employees | |
Receive company contribution | Yes | No | No | No |
Change your contribution amount anytime | Yes | No | No | No |
Access your entire annual contribution amount at the beginning of the plan year | No | Yes | Yes | No |
Access only funds that have been deposited | Yes | No | No | Yes |
Use the money for |
All eligible health care expenses | Only dental and vision expenses until you meet the IRS-required deductible, then use for all eligible health care expenses | All eligible health care expenses | Eligible dependent care expenses, including child care for children up to age 13 and care for dependent elders Cannot be used to pay for dependent medical expenses |
“Use it or lose it” at year-end | No | Yes Reimbursement “grace period” | Yes Reimbursement “grace period” | Yes |
Money is always yours to keep | Yes | No | No | No |