PEHP FLEX$ is a flexible spending account that saves you money by setting aside a portion of your pre-tax salary to pay eligible expenses.
There are two different FLEX$ accounts – one for medical expenses and another to help with dependent childcare costs – and each has important rules to keep in mind when using the benefit.
There are two variations of PEHP FLEX$ for medical expenses – some employers offer a $500 rollover, which allows you to move some unused funds into the next plan year. The other option offers a 75-day grace period by which all remaining funds must be used or they will be lost.
It’s important to know which account you have and the deadline by which expenses must be incurred, so you don’t risk losing money you don’t spend. If you’re not sure which version you have, ask your employer.