Please consult a tax advisor if you have any questions prior to completing this form. When you receive the PayFlex Card in the mail, call the number on the card to activate it and get your personal identification number (PIN). Your employer will let you know how and when to submit claims. Within the PayFlex member website, you can view your account balance, open an investment account or review recent transactions and activity. What Is A Characteristic Of Preferred Provider Organizations? Generally, funds left in an FSA at the end of the year are forfeited This is the FSA use-it-or-lose-it rule. Your ID number is your Social Security number. This generally includes doctor and dental offices, hospitals, pharmacies, and hearing and vision care centers. Note: If you have multiple You can withdraw funds from your HSA at any time to cover qualified medical expenses, which are listed below. endstream endobj startxref 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. Note: If you dont send an EOB, itemized receipt or statement with your claim, well deny it. 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. If youre unable to use your card, you can use another form of payment. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion directly. Each FSA has its own contribution limit, which is set by the Internal Revenue Service (IRS). So go ahead, swipe your card or use your digital wallet to pay for your health care expenses. Is Covered California The Same As Health Net? Now let's get you up to speed on flexible spending accounts. All you need to do is send us documentation that shows the following: Well let you know in the letter the date that we need you to respond. These include deductibles, coinsurance, co-pays, and over-the-counter (OTC) items. Medicines and drugs from other countries. Complete a paper claim form and mail or fax with your documentation. Youll need to contact your Human Resources or Benefits Department to change your election. However, there is no tax penalty to make withdrawals to cover qualified medical expenses. Can I withdraw money from my HSA after age 65? The amount you are able to withdraw in a given year varies based on your medical costs. It helps make it easier for you to spend the money in your PayFlex account. We know that many people live life on the go. Your FSA election remains in place for the plan year. Then withdraw funds from your FSA to pay yourself back and have your payment deposited. Insert your credit card into an ATM. Generally, you have 30 calendar days from the date of your status change to change your election. Theres more than one reason why you may not be able to use your card. And PayFlex makes investing easy with a choice of funds and the facts you need, right on the website. Dont have the card? If your SSN is not accepted, you may need to enter the last four digits of your Employee ID number. It can also happen when we receive a description of the expense from the merchant or provider that doesnt clearly tell us what you paid for. If you dont have enough funds in your account, you PayFlex Card will be denied. We know that enrolling in health insurance can be challenging. 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. Saturday, 9 AM to 2 PM (CT). 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. If you have an Apple or Samsung device, you can add your PayFlex Card to your digital wallet. When you contribute to an FSA, that money is deducted from your pay on a pretax basis. By choosing an HDHP and a PayFlex HSA, youre making the right choice for your personal well-being. Her work has been featured by USA Today, U.S. News and World Report and The Associated Press. Here are a few of the ways we make your security our priority: Give us a call. 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. Check your card's expiration date Your card is valid for five years, as long as you're an active member. You have more options than you might expect. A Limited Purpose FSA can help you save your HSA funds for the future. It includes most expenses related to medical care, with the notable exceptions of health insurance premiums and over-the-counter medication. Thats right - this is the only tax- free financial account where you can gain interest and save money while spending on qualified health expenses. Some employers give you more time to spend your funds or let you carry over unused funds to the next plan year. Fax: Fax your documentation to PayFlex. However, once we confirm that the amount you paid was for an eligible expense or receive your re-payment to cover the expense, well re-activate your card. Check the app and view your balance in just a couple of taps. Any withdrawn funds used for non-medical purposes are still subject to income taxes. It must show: Generally, we wont ask you to send information for your prescriptions. . There's no fee in anyone with a PayFlex account can use it. 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. 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'll only need to enter the last 4 digits. If your expense is eligible, you can submit a claim to pay yourself back. You may also use your card at some discount and grocery stores. You can use your HSA account for a lot more than you think. If your expense didnt go through your medical or dental plan, you can send an itemized receipt or statement for the expense. Keep it simple with the PayFlex Mobile app Manage your account and view . Call Card Services at 1-888-999-0121. 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. No. An HSA withdrawal is the last tax perk in the string of three tax advantages offered through this account. You can only use the card to pay for eligible expenses. 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. PayFlex Card. Payment happens right away if you have funds in your health savings account (HSA), flexible spending account (FSA) or health reimbursement arrangement (HRA). You can also use your card at some discount and grocery stores. We're here to help Monday through Friday, 7 AM to 7 PM CT and Saturday, 9 AM to 2 PM CT. If funds become available in your account, you can pay yourself back by submitting a claim. Definitely recommend rolling it over to fidelity though as you don't want to get stuck paying $5 a month with PayFlex. This only applies to flexible spending accounts (FSAs) and health reimbursement arrangements (HRAs). Support for Clients and Employees. We have to suspend cards when we dont receive information from you to show that a card purchase is eligible. In 1997, HSA Bank entered the consumer-directed healthcare market by providing medical savings accounts (MSA) to small employers and the self-employed . A standard transfer is free and can take between 1 and 3 business days. At PayFlex, were here to help you make a smart choice for your overall well-being. Your FSA coverage may end on your last day of work or it may end at the end of that month. You can do this online, through the PayFlex Mobile app, or complete a paper claim form and fax or mail it to us. The 2nd option is the one you are using, with a 1 year delay. HSA vs. FSA: Differences and How to Choose. Contribute - Estimate the amount you expect to spend during the plan year on eligible out-of-pocket expenses. View account . Rick VanderKnyff leads the team responsible for expanding NerdWallet content to additional topics within personal finance. If you have a TexFlex FSA, you can set up your online account. And thats how an HSA can help you build a better financial future. Manage your investment account - you can check the balance, see a summary of your fund performance, update your cash threshold, make changes to your portfolio and more. Toothpaste is not eligible for reimbursement with a flexible spending account (FSA), health savings account (HSA), health reimbursement arrangement (HRA), limited-purpose flexible spending account (LPFSA) or a dependent care flexible spending account (DCFSA). 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. That's why we offer the PayFlex card, the account debit card that makes it simple for you to pay for your eligible expenses. Eligible expenses may also include prescriptions and OTC items for dental and vision care. Account Settings (at the top of the page) and click . Wal-Mart Stores implements a technology solution to enable customers to use flexible spending account (FSA) debit cards The internally developed Inventory Information Approval System (IIAS) works by identifying FSA eligible merchandise, which have a unique ID number, as items are scanned at checkout. Flexible spending accounts (FSAs) allow you to reduce your tax burden and increase your take home payable income, while you set aside money for eligible medical expenses. Still, the issue isnt uncommon, according to Auerbach, who says his firm sees a lot of FSA activity at the end of each year. All financial products, shopping products and services are presented without warranty. Enter the first and last name of your spouse or dependent name and click Submit. . A high-deductible health plan can be combined with a Health Savings Account (HSA). This lets you withdraw funds from your HSA and deposit them into your linked bank account. If you need a card for your spouse or dependent, you can order one through the PayFlex member website at no cost. You can use this money to pay for HSA eligible products. 2023 PayFlex Systems USA, Inc. All Rights Reserved. Yes, you can add your FSA or HSA card as a payment option in Your Account by clicking here. And enjoy all the PayFlex Card has to offer. The funds roll over year to year, and the account earns interest too. While you can't have any back, there are two cases where . Where can I use my PayFlex Card? Re: Moving HSA Advice: from PayFlex to Fidelity Fidelity has no fees Contact only Fidelity, they will step you through the process. Once the plan year is over, that money is gone. This change only applies to OTC drugs and medicines you paid for after December 31, 2019. Lacie Glover is an insurance editor and writer and a NerdWallet authority on insurance. Yes. When evaluating offers, please review the financial institutions Terms and Conditions. A grace period, when you can keep spending FSA money up to 2 months past the end of the plan year. Frequently asked questions . You'll receive your PayFlex card in the mail. Select the "credit" option, if necessary (you may be asked to . Note: If you have multiple accounts, select your Health Savings Account from the drop-down menu at the top of the page. 1. 1-844-PAYFLEX Many transfers between accounts can happen immediately. Thats money you can spend on other things you might need. If you have a PayFlex HSA, you can transfer funds through the app. If you have a PayFlex Health Savings Account, HSA, you can request funds and make deposits to your HSA. Verify your PayFlex Card purchases If you're asked to verify your card purchase is an eligible expense, you can take action online. And if you have an HSA investment account you can view your balance, fund allocations, and performances right on the app. In today's digital world, it's important to have a secure and reliable way to pay for your eligible health care expenses. You can also pay for deductibles, co-pays, and co-insurance. The funds in an HSA can be used for general non-medical purposes, without penalty, once the employee reaches age 65. Under no circumstances can your boss give the money back to you directly, according to IRS rules. But you'll make these contributions with after-tax funds rather than pre-tax funds, and the employer can charge an administrative fee of up to 2%. However, your employer sets your carryover amount. This limit is for each FSA participant. Eligible expenses may include doctor and dentist visits, hospital stays, prescriptions, and hearing and/or vision care. We don't want anyone else flexing their Payflex muscles using your card. Your plan will determine this. How Do I Withdraw Money From My PayFlex HSA? The number is on the back of your PayFlex Card. Omaha, NE 68164-3642. Click on Make an HSA Withdrawal. 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. So, you could save about 30 cents on every dollar you spend on eligible expenses. This lets you withdraw funds from your HSA and deposit them into your linked bank account. You already know how a PayFlex health savings account, HSA, is a great way to save for health care expenses. "t;#/~0 , 11819 Miami St STE 200. You can feel good about contributing to a health care FSA. . This means your contribution comes out of your paycheck before Federal, Social Security and in some cases, state taxes are deducted from your pay. Click on Make an HSA Withdrawal. What Happens If I DonT Pay National Insurance Contributions? For 2023, the health care FSA and limited purpose FSA contribution limit is $3,050. Here is a list of our partners. And while our site doesnt feature every company or financial product available on the market, were proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward and free. You can do this online, through the PayFlex Mobile app, or complete a paper claim form and fax or mail it to us. p. a. yex.com. While you cant have any back, there are two cases where you may get a little extra time to spend your FSA cash: A rollover option, where you can move up to $500 to next years balance. Call the number on the card to activate it. Your health plan should take care of the whole you both physically and financially. Share your form with others. If your health plan is covering part of the expense, wait to use the card until you know how much you owe. Our partners compensate us. It's good for five years. 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). Submit a claim using the PayFlex Mobile app. Your account balance may not cover the expense.