This can be done on its website or through the PayPal app. This is different from a . You can only use the card to pay for eligible expenses. This means, if you and your spouse are eligible to participate in a health care FSA, you may each contribute to your own FSA, up to this limit. The funds in an HSA can be used for general non-medical purposes, without penalty, once the employee reaches age 65 Any withdrawn funds used for non-medical purposes are still subject to income taxes. You should always keep all your itemized receipts and Explanations of Benefits (EOBs). You can use your PayFlex Card to pay for eligible health care products and services. Go to your bank if you do not have a checking account that is linked to your savings account. And make sure to download the PayFlex mobile app to manage your account wherever, whenever. Note: In order to keep your information safe, Paychex support staff may not be authorized to speak with our clients' employees, depending on the situation. Eligible expenses may include doctor and dentist visits, hospital stays, prescriptions, and hearing and/or vision care. You can register easily with the PayFlex member website where you can learn about your account, calculate eligible expenses, and more. Your health plan should take care of the whole you both physically and financially. Aetna and PayFlex offer a debit card that covers out-of-pocket payments for in-network primary and specialty care and other medical and diagnostic services . What Is The Difference Between An HRA And A Qsehra? Your tax rate is 25%. Please try again later. The 2nd option is the one you are using, with a 1 year delay. While FSAs can save a lot of tax money, those savings arent as clear when you have to hurry at the end of the year to spend more money to get the benefit. So, you could save about 30 cents on every dollar you spend on eligible expenses. If you choose to send funds to someone else, youll have to select/add a recipient and enter some details about your payment. Your employer will let you know how and when to submit claims. A Limited Purpose FSA can help you save your HSA funds for the future. Click on the Financial Center. You can upload them to your online account or via the mobile app to verify your card purchases. Draw your signature, type it, upload its image, or use your mobile device as a signature pad. PayFlex Mobile app*: Log in to the PayFlex Mobile app. If you are still covered by a qualifying high-deductible health plan, you can continue to contribute as well. Apple, iPad Air, iPad Mini, iPhone and the Apple logo are trademarks of Apple Inc., registered in the U.S. and other countries. An HSA withdrawal is the last tax perk in the string of three tax advantages offered through this account. Click on the Financial Center. 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. Then select File Claim to get started. You're unable to log in at this time. hbbd``b` $; Hpi VM)X$@8 & If your FSA plan has the rollover option and you plan on leaving some in for next year, you can contribute even less. Check out some of the frequently asked questions below. Dependent Care FSA And if you haven't set up your online account with PayFlex yet, go to payflex.com to get started. The PayFlex Card can give your employees instant access to their HSA to . Many transfers between accounts can happen immediately. Save - Your FSA contributions are tax-free. Any withdrawn funds used for non-medical purposes are still subject to income taxes. 4. Well then cancel your card and send you a new one. Share your form with others. You'll be able to research the mutual funds available to you and make informed choices. Also PayFlex makes you keep $1K in cash while fidelity lets you invest 100% of your account value. Click on Make an HSA Withdrawal. Click on Make an HSA Withdrawal. Select the FSA (health care, dependent care, and/or Limited Purpose) thats right for you and choose how much you want to contribute. 3. A high-deductible health plan comes with a lower premium, meaning less money will come out of your paycheck for coverage. We may ask you to submit documents later to verify your expense is eligible. Well, PayFlex is designed with shoppers in mind. Each FSA has its own contribution limit, which is set by the Internal Revenue Service (IRS). No problem. Check your card's expiration date Your card is valid for five years, as long as you're an active member. Submit a claim online. To use your card, simply . 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. 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. If you request a rollover, the HSA custodian will send the funds to you via check or transfer to your personal bank account (not your HSA). A $10 fee is charged for replacing a lost or stolen card. Lets begin with a high-deductible health plan HDHP for short. To use your card, simply swipe and select either "Debit" or . For dependent care expenses, the dependent care provider must sign the claim form or provide an itemized receipt. To do this, enter four digits of your choice. After you incur an eligible expense, you can: *Standard text messaging and other rates from your wireless carrier still apply. In those cases, you might want to add more. You may pay your provider directly from your account. After you log in to the app, select Manage to get started. Go to Account Settings. When you receive your PayFlex Card in the mail, call the number on the card to activate it and get your personal identification number (PIN). Compare accounts and find the solution that fits you best. It is similar to a debit card since it electronically accesses the money loaded onto the card, when used to pay for eligible expenses. Your employers plan determines which status change events are allowed. You can roll over all the funds in your HSA Rolling over your funds every year allows you to grow the value of your portfolio. 24/7 access to Mastercards certified resolution specialists, Internet monitoring to proactively detect stolen personally identifiable information and compromised confidential data online, Assistance from a specialist with notification to all three major credit reporting agencies to place blocks on cardholders records and obtain free credit reports, Assistance with completing paperwork to alert various parties of the potential fraud, Education about how identity theft can occur and protective measures to avoid further occurrences. Many banks limit the amount of money you can withdraw from an ATM on a single day. You can use your HSA account for a lot more than you think. If you need a card for your spouse or dependent, you can order one through the PayFlex member website at no cost. That's why we offer the PayFlex card, the account debit card that makes it simple for you to pay for your eligible expenses. No. Once you finish these steps, your card will be activated. In today's digital world, it's important to have a secure and reliable way to pay for your eligible health care expenses. Our partners cannot pay us to guarantee favorable reviews of their products or services. Even using the money on things you wouldnt have thought of is better than losing it, so pat yourself on the back for being a savvy consumer. You can download the app from your mobile devices app store. 01. However, your plan may have a grace period or carryover feature, which can help reduce forfeitures. If you receive distributions for other reasons, the amount you withdraw will be subject to income tax and may be subject to an additional 20% tax. To learn what's allowed, visit an online FSA store that sells only FSA-eligible items, like FSAstore. You can use your card at qualified merchants where Mastercard is accepted, and where merchants can process health care cards. Submit a claim using the PayFlex Mobile app. Please refer to your employers plan for specific information about your plan. When youre ready to pay for an eligible expense, simply provide your card for payment. How to avoid cash withdrawal fees. If you're a new user, click Create Your Profile. IRS regulations do not allow funds to be transferred or commingled between accounts So, the money in your Health Care FSA may only be used for health care expenses and your Dependent Care FSA may only pay for dependent care expenses. You can contribute money from each paycheck into your HSA. How does the braking system work in a car? Then use it for a no-touch payment. But if we do, send your prescription drug receipt that includes the pharmacy name, patient name, prescription name, date the prescription was filled, and the amount you paid. You can use bank transfer casinos for withdrawals. Yes, you can add your FSA or HSA card as a payment option in Your Account by clicking here. Check the app and view your balance in just a couple of taps. Pay your provider You may pay your provider directly from your account. PayFlex provides Aetna clients and members with more flexibility, as well as customized, easy-to-use tools and solutions to help manage health care expenses. I've had problems with PayFlex for both HSA and Flex Spending accounts. Its a no-touch payment thats fast, easy and secure. If your plan has a grace period, youll have a little extra time to spend that money, but youll have to spend it all or forfeit some. 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. This generally includes doctor and dental offices, hospitals, pharmacies, and hearing and vision care centers. Spend - Once funds are in your FSA, you can use the PayFlex Card, your account debit card, to pay for your eligible expenses, if offered by your employer. It must include the date(s) of service. Note: If you have multiple accounts, select your Health Savings Account from the drop-down menu at the top of the page. And thats how an HSA can help you build a better financial future. Verify your PayFlex Card purchases If you're asked to verify your card purchase is an eligible expense, you can take action online. With your pretax FSA contributions, you could save about $1,020. Fuel, gasoline for medical care reimbursement is eligible with a flexible spending account (FSA), health savings account (HSA) or a health reimbursement arrangement (HRA). Complete a paper claim form and mail or fax it with your documentation. Once you order a card, you should get it within 10 to 15 business days. Yes. Your employer may offer the PayFlex Card with your health care FSA. All you need to do is select your eligible item, swipe Complete a paper claim form and mail or fax with your documentation. Generally, we send a request for documentation when were unable to verify if one or more of your card purchases is eligible. Eligible expenses may include doctor and dentist visits, hospital stays, prescriptions, and hearing and/or vision care. If you spend the entire balance and leave the company before contributing the total amount agreed, you generally aren't required to pay back the funds.As long as you are an employee at the time expenses are incurred and claims are submitted during the flex plan year, you are eligible for the full . So when you select an HDHP, youre already saving. Or your plan may only allow prescription . Some plans include a debit card so you can easily pay from your FSA at the time of service. That's why we developed the PayFlex mobile app so you can have all your account information in the palm of your hand. If you have the rollover option, youll have all of next year to spend that money, on top of any money you plan to contribute next year. And when they are paired together, you can save even more. Sign it in a few clicks. "t;#/~0 , So if you have any left toward the end of the year, youll need to figure out when and how to spend it. You may also be eligible to elect COBRA coverage for your FSA. This change only applies to OTC drugs and medicines you paid for after December 31, 2019. 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. The card wont work at an ATM. Remember: If you use your personal credit card rather than the PayFlex Card, please keep your printed receipt(s) and submit online via Express Claims. Many or all of the products featured here are from our partners who compensate us. Employees can use it to pay for their health care expenses. 6. This may include doctor and dental offices, hospitals, pharmacies, and hearing and vision care centers. So how do we make money? This information may be different than what you see when you visit a financial institution, service provider or specific products site. This is an IRS rule. A standard transfer is free and can take between 1 and 3 business days. 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. This influences which products we write about and where and how the product appears on a page. Enjoy easy access to your money. Use the app. Check out the list of common eligible health care expenses. However, there is no tax penalty to make withdrawals to cover qualified medical expenses. When your HSA has the minimum balance amount required, you can begin to invest through a variety of four-star-rated mutual funds. You can contribute up to $2,550 to your FSA this year, so you could have a lot of unused money to spend. Account . You should check your plan to know how much you can contribute. And PayFlex makes investing easy with a choice of funds and the facts you need, right on the website. Q: Can I use my FSA or HSA cards on Amazon? These include deductibles, coinsurance, co-pays, and over-the-counter (OTC) items. So, when you use your FSA funds, its like youre saving about 30 cents on every dollar you spend. You can be reimbursed for eligible health care expenses that you, your spouse and eligible tax dependents incur during the plan year. Note: If you have multiple accounts, select your Health Savings Account from the drop-down menu at the top of the page. This only applies to flexible spending accounts (FSAs) and health reimbursement arrangements (HRAs). Step 1: Enter the amount you want to withdraw. 0 You can use this money to pay for HSA eligible products. If you enroll in a qualified HDHP and meet other IRS criteria, you may open and contribute to an HSA. Your employer couldn't force you to pay back the $1,000 you spent, even though you never contributed a cent to the account. Any unused pre-tax funds will be forfeited to your employer, and any post-tax funds will be refunded to you at the end of the ninety (90)-day period. But with a little extra planning, you might be able to find a workaround to get the money . . If you dont respond by this date, well have to suspend your card. Yes. At age 65, you can withdraw your HSA funds for non-qualified expenses at any time although they are subject to regular income tax. Youll then enter the last four digits of your Social Security number (SSN). So, the question of withdrawal fees is redundant in this case. The turnaround time is typically three to five business days from the date the claim is processed. When you contribute to your HSA with the money you save from your lower premiums, you give yourself tax-free dollars. If you want to upload your documentation, it must be in PDF format. When you pull out funds from your HSA for . It gives you the info you need, when you need it. Type text, add images, blackout confidential details, add comments, highlights and more. Account Settings (at the top of the page) and click . 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. 2023 PayFlex Systems USA, Inc. All Rights Reserved. These merchants include doctors offices, hospitals, pharmacies and hearing and vision care centers. 3. You can avoid paying taxes by continuing to use the funds for qualified medical expenses. If you leave a job with money remaining in your FSA and you're eligible to elect COBRA, you'll have an opportunity to continue to make your regular FSA contributions. Health savings accounts Withdrawals are tax-free for qualifying medical expenses. . Helps keep your card active Wait to submit your claim until you receive your EOB from your insurance provider. You can use this card to pay for certain eligible expenses. Learn about health/dependent care flexible spending accounts with the PayFlex Card, See the simple way to save with health/dependent care flexible spending accounts, Explore saving with health/dependent care flexible spending accounts (spanish version), Learn about the limited purpose FSA with the PayFlex Card, Save money with a limited purpose FSA when paying for dental and vision costs. Like a 401 (k) retirement account, the HSA is yours to keep. Fastest Paying PayFlex Casinos in 2023 Note: If you have multiple accounts, select your health savings account from the drop-down menu at the top of the page. It makes the fax hard to read. 03.752.1-ST B (4/20) . Once you receive dental treatment, pay the bill with the PayFlex Card, your account debit card. 1-844-PAYFLEX Just use the same username and password you use to log into your PayFlex member website. And enjoy all the PayFlex Card has to offer. All financial products, shopping products and services are presented without warranty. 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. 7:00 AM - 7:00 PM. Tap Transfer Money. And as your balance grows, youll be able to invest your extra HSA dollars into mutual funds for those future health care expenses. You can contribute up to $2,550 to your FSA this year, so you could have a lot of unused money to spend. It's simple and lets you manage your money from your phone. So if life throws you a curveball, your HDHP and HSA will help keep you covered. You can only use the card at merchants and providers that accept Mastercard and health care cards. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion directly. Tap your PayPal balance. %%EOF Yes. You have options with a health care FSA. If you havent set up your online account with PayFlex, you can get started today. Instant access to your money The PayFlex Card helps make it easier for you to spend the money in your tax-advantaged account. As you watch your savings grow, youll worry less about paying for your health in the future something your 401(k) will thank you for. Is US Family Health Plan Part Of TRICARE? You can do this online, through the PayFlex Mobile app, or complete a paper claim form and fax or mail it to us. Employers are also allowed to give unused money back to workers -- but there's a catch. The PayFlex Card, your account debit card. Order an additional PayFlex Card for your spouse or dependent After logging in, click on Account Settings and then select PayFlex Card. With PayFlex, you have the tools, services, and support to make the best decisions for your health and financial well-being. Where can I use my PayFlex Card? If so, you can use the card to pay for eligible expenses at qualified merchants. Omaha, NE 68164-3642. 1. FSAs are tax-advantaged accounts that can be used for medical expenses only; they're sometimes also called flexible spending accounts. If you select debit, youll need to enter a Personal Identification Number (PIN). Otherwise, you can create a fax coversheet and fax your documentation to PayFlex. 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. Where can you withdraw money from your EBT card for free? This lets you withdraw funds from your HSA and deposit them into your linked bank account. Read on to learn more about how FSAs can benefit you! When you contribute to an FSA, that money is deducted from your pay on a pretax basis. Is Covered California The Same As Health Net? It is now late February and I still have not received my Flex Spending card. Call Card Services at 1-888-999-0121. You can lock your TASC Card from being used with the Card Lock feature online or in the TASC app. Or your plan may only allow prescription expenses. How can I get money off my PayFlex card? Senior Assigning Editor | Los Angeles Times; University of California, San Diego; Microsoft. Email and text message options are also available. 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. However, you can still pay for eligible expenses out of pocket and submit a claim to pay yourself back. How Do I Withdraw Money From My PayFlex HSA? It includes most expenses related to medical care, with the notable exceptions of health insurance premiums and over-the-counter medication. There are three types of FSAshealth care FSA, dependent care FSA and limited purpose FSA. Your employer may set a lower limit. Your FSA election remains in place for the plan year. He holds a Bachelor of Arts in communications and a Master of Arts in anthropology. The IRS has a list of approved medical expenses you can check out for more details. If you have a PayFlex HSA, you can transfer funds through the app. Click on Make an HSA Withdrawal. This is true even if you dont cover your spouse and dependents on your health plan. You can spend your FSA money on medical expenses for your spouse, children or any other qualifying dependent you claim on your taxes. Or you can simply pay with cash, check or credit card, and then submit a claim to pay yourself back. What Is A Characteristic Of Preferred Provider Organizations? Then withdraw funds from your FSA to pay yourself back and have your payment deposited. You can always use another form of payment for your expenses and submit a claim to pay yourself back. Aetna A healthcare FSA lets you use pre-tax dollars to pay for eligible healthcare expenses that aren't covered by your medical plan. If the cash is used to pay for ineligible purchases, it must be reported when youre filing your taxes. Qualified service animals, such as a guide dog, including food and grooming costs. Definitely recommend rolling it over to fidelity though as you don't want to get stuck paying $5 a month with PayFlex. You'll also need your card to set up your online account. Or those high dollar expenses like surgery, orthodontia, and hearing aids. If your expense went through your medical or dental plan, youll need to send an Explanation of Benefits (EOB) from your plan. If you have a PayFlex FSA or HRA, you can use the app to submit a claim to pay yourself back for an eligible expense you paid out of pocket. Before your card expires, you'll receive a new card in the mail. Question about your benefits? ` 7 How does the card work? Fill out a withdrawal slip indicating the amount you would like to withdrawal from your savings account. Be sure to check your plan to see which accounts are offered. Your health savings account, or HSA, is a smart money management tool that lets you set aside money tax-free to pay for eligible expenses such as your medical plan deductibles and co-insurance, prescriptions, even some over-the-counter stuff, like first aid and pain relievers, vision and dental care, and so on. If youre unable to use your card, you can use another form of payment. Enter the spouse or dependent name and click Submit. You dont need a new card when you move from one PayFlex plan to another. Please consult a tax advisor if you have any questions prior to completing this form. This is the best form of documentation. When evaluating offers, please review the financial institutions Terms and Conditions. Once the claim is processed, PayFlex will reimburse your out-of-pocket expense by check or direct deposit to your authorized bank account. 03. 02. 1. You can only use the card to pay for eligible expenses. on the log in page of the app. If your issue is account related, you can get help via your online account. Click on Order a Dependent Card. This is a good process with any account transfer, the company receiving the money has the incentive to make things go smoothly. Despite the hassle of having to spend this extra money, FSAs are generally a good way to avoid paying taxes on medical costs. Your HSA card can only be used for eligible expenses at specific healthcare-related service providers or merchants where you can purchase healthcare goods or services Your HSA card has no cash access. Fuel is eligible for transportation to and from medical care, up to the allowed mileage rate. **. Note: Closing the account may have tax consequences. Just pay for those expenses out of pocket. Now let's get you up to speed on Flexible Spending Accounts, FSA. This information may be different than what you see when you visit a financial institution, service provider or specific products site. HSA funds cant be rolled over into an IRA account Theres also no reason to do so, because you preserve your right to use the funds tax-free for medical costs at any time with an HSA. Here is a list of our partners.