Pretax Accounts
We offer several options to help you save money on taxes and pay for qualifying health and dependent care expenses. Read on to see which option is right for you.
NEW! You can also explore all our offerings to support your physical, mental and financial wellness in the expanded Wellness section.
Healthcare Flexible Spending Account (FSA)
Contribute up to $3,050 annually to pay for eligible healthcare expenses, including big-ticket items like orthodontia or more routine office visit copays. Up to $640 of your unused funds will automatically roll over from 2024 to 2025.
Keep in mind, you don’t have to be enrolled in the Cox Medical Plan to participate; however, you can’t enroll in a Healthcare FSA if you are enrolled in the High Deductible Health Plan. You would instead use a Health Savings Account (HSA).
Your previous election does not carry over. You must enroll in the Healthcare FSA each year.
You have until March 31 to file claims for reimbursement to Optum Financial for expenses incurred in the prior year.
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Dependent Care FSA
Contribute up to $5,000 per household annually to pay for before- or after-school care, day care or other qualified expenses for children aged 12 and under. You can even use it for costs associated with caring for an elderly parent. Please note, if you are a highly compensated employee (earned more than $150,000 in 2023), a portion of your Dependent Care FSA contributions may be considered taxable.
Your previous election does not carry over. You must enroll in the Dependent Care FSA each year.
Health Savings Account (HSA)
An HSA is your tax-saving companion to the High-Deductible Health Plan. Cox contributes to your HSA to get you started; after you open your account you can set aside up to $8,300 annually to pay for qualifying medical expenses. If you’re 55 years or older, you can contributed an additional $1,000.
You must enroll in an HSA each year, and while you do not have to contribute personal funds to the account to get the Cox contribution, you will need to make a minimum election of $0 to ensure your account is opened. Your HSA balance automatically rolls over each year.
Unless you have a qualifying life event, you can’t change your FSA contribution levels throughout the year. You can change your HSA contribution anytime. Wondering what qualifies as a life event? Employees can visit Inside Cox to learn more or access ALEX.
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Commuter Accounts
You can contribute up to $3,600 a year towards parking and/or transit costs related to your commute to work. Your unused balance automatically rolls over each year, but you do not have access to these accounts if you no longer work for Cox.
Eligible expenses include: Buses, trains, subways, ferries, vanpools, as well as parking at your place of employment or a location from which you commute to work.
Unless you have a qualifying life event, you can’t change your FSA contribution levels throughout the year. (You can change your HSA contribution anytime.) Wondering what qualifies as a life event? Employees can visit InSideCox.com to learn more or access ALEX to help you make the best decision for you and your family.