*Standard text messaging and other rates from your wireless carrier still apply. Your tax rate is 25%. The amount you are able to withdraw in a given year varies based on your medical costs. Eligible expenses may include doctor and dentist visits, hospital stays, prescriptions, and hearing and/or vision care. The expense may be ineligible under your plan. So if you have any left toward the end of the year, youll need to figure out when and how to spend it. Youll then enter the last four digits of your Social Security number (SSN). And with PayFlex, you'll have the tools, services, and support to make the right decisions for your health and financial well-being. Qualified service animals, such as a guide dog, including food and grooming costs. This gives you more time to submit claims for eligible expenses that you incurred during the plan year. 2023 PayFlex Systems USA, Inc. All Rights Reserved. You have options with a health care FSA. Each FSA has its own contribution limit, which is set by the Internal Revenue Service (IRS). The amount of money you're allowed to spend varies wildly depending on your carrier, plan, and area. We cant accept a cancelled check, credit card receipt or billing statement that shows previous balance, balance forward, estimated, filed or pending insurance.. If you have a PayFlex Health Savings Account, HSA, you can request funds and make deposits to your HSA. Learn more about the PayFlex Card & PayFlex App, Learn more about the PayFlex Card and PayFlex Mobile, PayFlex Individual Health Savings Account (HSA), Employer-sponsored Health Savings Account (HSA), Health Care Flexible Spending Accounts (FSAs), Dependent Care Flexible Spending Accounts (FSAs). endstream endobj startxref Once you order a card, you should get it within 10 to 15 business days. It's good for five years. We know that enrolling in health insurance can be challenging. After you reach age 65 or if you become disabled , you can withdraw HSA funds without penalty but the amounts withdrawn will be taxable as ordinary income. You can process multiple refunds up to the total value of the original order i.e. How much money can you roll over in an HSA? If any of your HSA money is invested, your current HSA may be held in 2 separate accounts which are both eligible to be transferred. In today's digital world, it's important to have a secure and reliable way to pay for your eligible health care expenses. b'b'NNB7t/ydVh%^\J7qs#y*uV^x;J1;HQ:;:z\TEU!. Order an additional PayFlex Card, your account debit card You can order an additional card for your spouse or dependent. This may include doctor and dental offices, hospitals, pharmacies, and hearing and vision care centers. PDF PayFlex HSA Quick Reference Guide - Arizona Note: If you have multiple accounts, select your health savings account from the drop-down menu at the top of the page. For a full list of whats eligible, go to www.payflex.com. How does the braking system work in a car? So if youre nearly due for a teeth cleaning or eye exam, make an appointment and you can use your FSA to pay for those visits, including, you can check out for more details. Is Covered California The Same As Health Net? Have questions about your card? Use Text Banking (if you have this feature set up). Lacie Glover is an insurance editor and writer and a NerdWallet authority on insurance. How can I get money off my PayFlex card? To learn what's allowed, visit an online FSA store that sells only FSA-eligible items, like FSAstore. Well then cancel your card and send you a new one. FSA - Flexible Spending Account | Benefits | WEX Inc. Note: If you have multiple accounts, select your Health Savings Account from the drop-down menu at the top of the page. Health Savings Account (HSA) from Aetna | Pre-Tax Benefits products online using your PayFlex Card or personal credit card. Call Card Services at 1-888-999-0121. You can submit a withdrawal request form to receive funds (cash) from your HSA. It gives you the info you need, when you need it. If your FSA doesnt have a grace period or the carryover feature, you may have a run out period. This, in turn, may help lower your taxable income. The 2nd option is the one you are using, with a 1 year delay. Go to Account Settings. You may request that your TASC Card be reissued. Fuel is eligible for transportation to and from medical care, up to the allowed mileage rate. What most people dont understand is that the list of eligible expenses is pretty robust, says Steve Auerbach, CEO at Alegeus, a benefits management company. This account is pre-funded when your plan year starts with the amount you choose to contribute, so you have access to that full amount right away. Payflex Shopper FAQ's | Get Answers to Your Questions PDF The PayFlex Card, your account debit card On the counterpoint, lets take a quick look at some of the expenses that dont qualify for payment out of your HSA , even during the coronavirus pandemic: Babysitting and childcare costs for a normal, healthy child. Walmart doesnt currently accept HSA cards as a payment method , though, so customers who buy items from its HSA Shop use a credit or debit card and then submit an order receipt to their plan administrator for reimbursement. However, your plan may have a grace period or carryover feature, which can help reduce forfeitures. Sometimes, depending on your bank's clearing process, it may take 3-5 . It helps make it easier for you to spend the money in your PayFlex account. Click Complete Validation next to the bank account you wish to validate. Please refer to your employers plan for specific information about your plan. Save - Your FSA contributions are tax-free. You can either accept HSAs the old-fashioned way by supplying your client with a superbill , or do it the 21st-century way by swiping their HSA debit card through a credit card reader. You may be able to use your PayFlex Card to pay for OTC items, supplies, drugs and medicines, if theyre considered eligible under your plan. Fuel is eligible for transportation to and from medical care, up to the allowed mileage rate. What Happens to Unused FSA Money? - MONEY | Money When its time to decide how much goes into the next one, you can select that amount. Click on the Financial Center. . On March 27, 2020, the CARES Act passed and changed the rules for OTC drugs and medicines. You're taking a loan to pay off high-interest debt. While there may be one plan with this benefit, it's unavailable in all areas or for all beneficiaries. Your health plan should take care of the whole you both physically and financially. Thats right this is the only tax- free financial account where you can gain interest and save money while spending on qualified health expenses. With the PayFlex mobile app, you can check your account balances, payments and deposits, submit claims for reimbursement and pay providers directly from your account. You can only use the card to pay for eligible expenses. What Is A Characteristic Of Preferred Provider Organizations? And if you have an HSA investment account you can view your balance, fund allocations, and performances right on the app. The main benefit of an FSA is that the money you contribute is deducted from your pay on a pretax basis. So when you select an HDHP, youre already saving. The PayFlex Card spending made simple The PayFlex Card provides a simple way to spend the money in your PayFlex account. Then select File Claim to get started. The Instalment Plan is automatically adjusted by the Payflex Platform by applying the refund amount to the last instalment first and working backwards to the other instalments. PayFlex is the administrator of the TexFlex Flexible Spending Accounts. Your plan will determine this. Also PayFlex makes you keep $1K in cash while fidelity lets you invest 100% of your account value. He holds a Bachelor of Arts in communications and a Master of Arts in anthropology. Definitely recommend rolling it over to fidelity though as you don't want to get stuck paying $5 a month with PayFlex. What Happens to Your FSA After You Leave a Job - Verywell Health When you contribute to your HSA, your funds are placed in an FDIC insured account that earns interest and grows tax free. You no longer need a prescription from your physician to pay or get reimbursed for OTC drugs and medicines. Within the PayFlex member website, you can view your account balance, open an investment account or review recent transactions and activity. It must show: Generally, we wont ask you to send information for your prescriptions. Note: If you have multiple You can continue to use your HSA even if you lose your job. If not offered, you can easily be reimbursed from PayFlex for any money you spend out of pocket on qualified expenses, by taking a picture of your receipt and uploading through our mobile app or member website. Contact us To learn what's allowed, visit an online FSA store that sells only FSA-eligible items, like. This can happen when the amount you paid doesnt match your copay amount or you paid an estimated or pending amount. Please try again later. Once its reported, its subject to an income tax and treated as though it had never been in your tax-free HSA. SAM. You can use your card at qualified merchants where Mastercard is accepted, and where merchants can process health care cards. 51 0 obj <>stream Click on Make an HSA Withdrawal. to get started. It must show: For prescriptions, send your detailed receipt that includes the pharmacy name, patient name, prescription name, date the prescription was filled and amount you paid. To withdraw money from PayPal, you'll have to log in to your account and link a debit card or bank account. PDF Flexible Spending Account (FSA) If the cash is used to pay for ineligible purchases, it must be reported when youre filing your taxes. Example: You have an annual salary of $60,000 and you decide to contribute $2,500 to a health care FSA and $2,000 to a dependent care FSA. If you decide to send funds to yourself, you can choose to transfer the funds to your bank account (if youve linked an account) or request a check If you choose to send funds to someone else, youll have to select/add a recipient and enter some details about your payment. If thats the case, youll only have to worry right now about the money in excess of your rollover limit. A standard transfer is free and can take between 1 and 3 business days. PDF PayFlex Flexible Spending Account Paying for eligible dental expenses . When you contribute to an FSA, that money is deducted from your pay on a pretax basis. Simply click on the corresponding icons to visit our online vendors to purchase an eligible healthcare item. Enter the amount PayFlex deposited into your account. Senior Assigning Editor | Los Angeles Times; University of California, San Diego; Microsoft. You should always keep all your itemized receipts and Explanations of Benefits (EOBs). And if you're over the age of 55, you can make a catch-up contribution of $1,000. %%EOF UAH employees can take advantage of flexible spending accounts (FSAs), which are pretax reimbursement accounts administered by PayFlex for eligible medical and dependent care expenses. Payment happens right away if you have funds in your health savings account (HSA), flexible spending account (FSA) or health reimbursement arrangement (HRA). We believe everyone should be able to make financial decisions with confidence. This only applies to flexible spending accounts (FSAs) and health reimbursement arrangements (HRAs). . Read more. Click Complete Validation next to the bank . Call the number on the card to activate it. You may also be eligible to elect COBRA coverage for your FSA. PDF Quick Reference Guide - Aetna At PayFlex, were here to help you make a smart choice for your overall well-being. However, you can still pay for eligible expenses out of pocket and submit a claim to pay yourself back. PDF PayFlex HSA Quick Reference Guide - Aetna After you register, you can download the PayFlex Mobile app and manage your account wherever, whenever. Youll need to contact your Human Resources or Benefits Department to change your election. Pre-qualified offers are not binding. These limits are subject to change annually. Not sure how much you have to spend? Enter your credit card PIN. If you decide to send funds to yourself, you can choose to transfer the funds to your bank account (if youve linked an account) or request a check. Order an additional PayFlex Card for your spouse or dependent After logging in, click on Account Settings and then select PayFlex Card. A dependent care FSA helps you pay for eligible child or adult day care expenses. FSAs and Your Tax Return - 1040.com You, your spouse, or dependents are eligible for using the FSA for qualifying expenses. Your plan administrator may have coupon codes or special deals so you can get more for your tax-free dollar, so head to your online FSA portal to find out first. No. A limited Purpose FSA can help you pay dental and vision expenses before you meet your deductible. This could be medical, vision, dental, prescriptions, plus over-the-counter stuff like pain relievers or cold and flu medicine. Before you try to spend the leftover cash, you should know whether either option applies to your FSA so you know how much you really need to use now. As a writer, her work was featured in The Associated Press, The Motley Fool and U.S. News & World Report. You can use your PayFlex Card to pay for eligible health care products and services. Log in to the app and select the Financial Center. You can use your card at qualified merchants where Mastercard is accepted, and where merchants can process health care cards. You can do this online, through the PayFlex Mobile, or complete a paper claim form and fax or mail it to us. Once the plan year is over, that money is gone. Youll be asked to enter your card number, the three-digit security code (located on the back of your card) and your five-digit zip code. Funds that are rolled over continue to grow and earnings are tax free. Reimbursing HSA purchases from prior years | HSA Edge Click on Order a Dependent Card. Some employers give you more time to spend your funds or let you carry over unused funds to the next plan year. Although your employer can require that you take the medical or dental plan in order to have a health care FSA, not all plans are designed this way. (1-844-729-3539) (TTY: 711), Monday through Friday, 7 AM to 7 PM (CT) When you file Form 8889 for the reimbursing year, this amount will appear . Then withdraw funds from your FSA to pay yourself back and have your payment deposited. Enter the irst and last name of your spouse or dependent Submit. Medical spending includes expenses for hearing, vision and dental health, even if you dont have insurance for those.