endstream endobj startxref Enter your credit card PIN. Flexible Spending Arrangements (FSAs) are tax-free, "use it or lose it" savings accounts for medical and certain non-medical expenses. Your employer may offer a PayFlex Card, AKA your account debit card. You can register easily with the PayFlex member website where you can learn about your account, calculate eligible expenses, and more. However, you can still pay for eligible expenses out of pocket and submit a claim to pay yourself back. Any withdrawn funds used for non-medical purposes are still subject to income taxes. To learn what's allowed, visit an online FSA store that sells only FSA-eligible items, like. Health savings accounts Withdrawals are tax-free for qualifying medical expenses. Plus, an HSA is a triple tax advantage account, which means that contributions, earnings, and withdrawals for eligible expenses are tax-free. This is the FSA use-it-or-lose-it rule. You also need to notify us of any suspected fraud within 10 days. FSAs can help you save money because you contribute to the account from your paycheck before federal taxes. These include deductibles, coinsurance, co-pays, and over-the-counter (OTC) items. Funds in your account roll over from year to year. 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 . Click on Make an HSA Withdrawal. You may pay your provider directly from your account. Employers are also allowed to give unused money back to workers -- but there's a catch. With the PayFlex Mobile app, you can access your account anytime, anywhere. You'll use your card to pay for eligible expenses like office visits, deductibles, copays and coinsurance, prescriptions and certain over-the-counter items. After you log in to the app, select Manage to get started. So, the question of withdrawal fees is redundant in this case. Therefore, your taxable income is less. You have options with a health care FSA. Enter the first and last name of your spouse or dependent name and click Submit. Still, the issue isnt uncommon, according to Auerbach, who says his firm sees a lot of FSA activity at the end of each year. Click on Make an HSA Withdrawal. 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). Under no circumstances can your boss give the money back to you directly, according to IRS rules. Please refer to your employers plan for specific information about your plan. Pay with your PayFlex Card When you use it, your expense is automatically paid from your account. 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. Saturday, 9 AM to 2 PM (CT). If your expense didnt go through your medical or dental plan, you can send an itemized receipt or statement for the expense. If you dont respond by this date, well have to suspend your card. on the log in page of the app. premiums and over-the-counter medication. 6. Don't mark up the document with a highlighter. If you have an HSA through your employer, you can make pre-tax payroll contributionsthis type of contribution saves more on taxes than tax-deductible after-tax contributions. products online using your PayFlex Card or personal credit card. Our partners cannot pay us to guarantee favorable reviews of their products or services. I was never charged an account closure fee (or if I was, I . What can you use PayFlex for? We know that many people live life on the go. After you incur an eligible expense, you can: *Standard text messaging and other rates from your wireless carrier still apply. Lacie is a NerdWallet authority on insurance products and loves data, analytics and solving SEO mysteries. 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%. Read on to learn more about how FSAs can benefit you! Fuel is eligible for transportation to and from medical care, up to the allowed mileage rate. For 2023, I switched to a Flex Spending account. You may also use your card at some discount and grocery stores. You should check your plan documents to confirm this. A high-deductible health plan can be combined with a Health Savings Account (HSA). 1. 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. For a full list of whats eligible, go to www.payflex.com. If your employer has the Commuter Express benefit program and you have unused funds in your account, unused pre-tax funds will be forfeited to your employer before the next ordering deadline. Choosing the right health plan can be easier than you might think. Complete a paper claim form and mail or fax it with your documentation. If thats the case, youll only have to worry right now about the money in excess of your rollover limit. Its quite simple, really. Thats right this is the only tax- free financial account where you can gain interest and save money while spending on qualified health expenses. These include day care, before and after school programs, nursery school or preschool, summer day camp and adult day care. Check out the list of common eligible health care expenses. HSA Rollover The IRS allows each HSA account holder to roll over their funds to a new HSA provider every 12 months and maintain the tax-advantaged status of the HSA. You're taking a loan to pay off high-interest debt. To get started, view your alerts. These merchants include doctors 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. No. If funds become available in your account, you can pay yourself back by submitting a claim. **. Yes. Contribute - Estimate the amount you expect to spend during the plan year on eligible out-of-pocket expenses. If the cash is used to pay for ineligible purchases, it must be reported when youre filing your taxes. This gives you more time to submit claims for eligible expenses that you incurred during the plan year. Plus, youll be prepared when you need to pay for health care expenses during the year. And enjoy all the PayFlex Card has to offer. Click on Order a Dependent Card. The Instant transfer typically takes a few minutes to complete (up to 30 minutes). Click Continue. Pay with your PayFlex Card When you use it, your expense is automatically paid from your account. Well let you know in the letter, the date you need to respond. 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. View account . You no longer need a prescription from your physician to pay or get reimbursed for OTC drugs and medicines. Note: If you have multiple accounts, select your Health Savings Account from the drop-down menu at the top of the page. Where can you withdraw money from your EBT card for free? If you have grown children on your health insurance plan but dont claim them as dependents, you can still spend FSA money on their medical expenses if they will be 26 at the end of the current plan year, usually Dec. 31. It must show: Generally, we wont ask you to send information for your prescriptions. Enjoy easy access to your money. PayFlex is the administrator of the TexFlex Flexible Spending Accounts. Aetna There's no fee in anyone with a PayFlex account can use it. You're unable to log in at this time. You made a purchase in the prior year, and are now reimbursing yourself using your HSA. App Store is a service mark of Apple, Inc. Android, Google Play and the Google Play logo are trademarks of Google LLC. You'll be able to research the mutual funds available to you and make informed choices. Step 1: Enter the amount you want to withdraw. Flexible spending arrangements (FSAs) can help you spend less on health care, but only if you use yours correctly by spending all the money in it before a year-end deadline. However, your plan may have a grace period or carryover feature, which can help reduce forfeitures. You contribute to an FSA with pretax money from your paycheck. Youll then enter the last four digits of your Social Security number (SSN). So, when you use your FSA funds, its like youre saving about 30 cents on every dollar you spend. With PayFlex, you have the tools, services, and support to make the best decisions for your health and financial well-being. 1 Second, spending your HSA money on qualified medical expenses is free of federal . You may also be eligible to elect COBRA coverage for your FSA. 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. SAM. Or your plan may only allow prescription . Your FSA election remains in place for the plan year. Or those high dollar expenses like surgery, orthodontia, and hearing aids. The exception is if you have any large expected medical costs, such as a planned surgery or new baby, coming in the next year. Payment happens right away if you have funds in your health savings account (HSA), flexible spending account (FSA) or health reimbursement arrangement (HRA). HSA vs. FSA: Differences and How to Choose. No problem. For 2023, the health care FSA and limited purpose FSA contribution limit is $3,050. Call us as soon as possible to report a lost or stolen card. Can I withdraw money from my payflex card? There are four key benefits to the PayFlex Card. ` 7 The number is on the back of your PayFlex Card. Funds in your account roll over from year to year. 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. 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. This lets you withdraw funds from your HSA and deposit them into your linked bank account. This generally includes doctor and dental offices, hospitals, pharmacies, and hearing and vision care centers. Bank accounts. Generally, you have 30 calendar days from the date of your status change to change your election. If your FSA plan has the rollover option and you plan on leaving some in for next year, you can contribute even less. By choosing an HDHP and a PayFlex HSA, youre making the right choice for your personal well-being. Where can I use my PayFlex Card? 39 0 obj <>/Filter/FlateDecode/ID[<3EC4ADDF315B47999FAB81CA5F9841E0>]/Index[20 32]/Info 19 0 R/Length 86/Prev 96267/Root 21 0 R/Size 52/Type/XRef/W[1 2 1]>>stream Check the app and view your balance in just a couple of taps. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion directly. Medical spending includes expenses for hearing, vision and dental health, even if you dont have insurance for those. Fax: Fax your documentation to PayFlex. You, your spouse, or dependents are eligible for using the FSA for qualifying expenses. Q: Can I use my FSA or HSA cards on Amazon? You can be reimbursed for eligible health care expenses that you, your spouse and eligible tax dependents incur during the plan year. Enter the irst and last name of your spouse or dependent Submit. The average benefit is about $500 per year, and in the current advertisement, everyone asks about a $2,880 Medicare Flex Card. Click on Order a Dependent Debit Card. Order an additional PayFlex Card, your account debit card You can order an additional card for your spouse or dependent. See why thousands of members are giving the enhanced mobile app* a "thumbs-up." To learn what's allowed, visit an online FSA store that sells only FSA-eligible items, like FSAstore. Contact our accountable and empathetic service . Its a fast, easy and secure way to pay with your mobile device If you have an Apple or Samsung device, you can add your PayFlex Card to your digital wallet to help pay for eligible expenses. Lacie Glover spent more than five years covering health care costs and all types of insurance as a NerdWallet writer before becoming an assistant assigning editor in 2019 and later an assigning editor on the insurance team. If the merchant or provider allows you to select debit or credit, either option will work. You can enroll in a Limited Purpose FSA if you have a Health Savings Account (HSA). Keep in mind that some merchants may ask you to select Debit. This means youll need to enter your PIN to complete the transaction. Once you receive dental treatment, pay the bill with the PayFlex Card, your account debit card. 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 submit a withdrawal request form to receive funds (cash) from your HSA. This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. To use your card, simply . A dependent care FSA can help pay for services like daycare, preschool, and elder care. And if you have an HSA investment account you can view your balance, fund allocations, and performances right on the app. After this, you'll get your personal identification number. Pre-qualified offers are not binding. If you want to upload your documentation, it must be in PDF format. You can do this online, through the PayFlex Mobile app, or complete a paper claim form and fax or mail it to us. You can receive tax-free distributions from your HSA to pay or be reimbursed for qualified medical expenses you incur after you establish the HSA. It helps make it easier for you to spend the money in your PayFlex account. Using your card means you dont have to pay out of pocket. To get your money faster, link your bank account (set up direct deposit) After logging in, go to . For dependent care expenses, the dependent care provider must sign the claim form or provide an itemized receipt. With your pretax FSA contributions, you could save about $1,020. HSA funds can also be withdrawn for non-medical expenses like buying a home or paying with a larger down payment. While there may be one plan with this benefit, it's unavailable in all areas or for all beneficiaries. Follow these steps to change your card details on Payflex: First, you will need to log in to our Customer Portal Once you're logged into the customer portal, follow these steps: Select the View Order button for the order that you wish to add the new card to. How does the braking system work in a car? Then withdraw funds from your FSA to pay yourself back and have your payment deposited. You can feel good about contributing to a health care FSA. Your tax rate is 25%. Account Settings (at the top of the page) and click . 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. Get it today from the App Store or Google Play. Below are some examples. How much money can you roll over in an HSA? So to break it down for you, PayFlex includes health savings plans and flexible spending plans. Link your bank account to transfer funds You can link one or more bank accounts to your HSA to easily transfer funds to and from your HSA. Many or all of the products featured here are from our partners who compensate us. Your FSA coverage may end on your last day of work or it may end at the end of that month. When you contribute to your HSA with the money you save from your lower premiums, you give yourself tax-free dollars. It helps you save on everyday items like contact lenses, sunscreen and bandages. Health care and limited-purpose FSA participants be sure to have your TexFlex debit card nearby. If you have an Apple or Samsung device, you can add your PayFlex Card to your digital wallet. 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). 2. This means you may choose credit and sign the receipt. It's simple and lets you manage your money from your phone. How does the card work? Option 3: (Choose this option only if your dentist requires you to pay before insurance pays.) If you need a card for your spouse or dependent, you can order one through the PayFlex member website at no cost. Note: If you dont send an EOB, itemized receipt or statement with your claim, well deny it. Dependent Care FSA Whether you're commuting to work or taking the kids to soccer practice you need a solution that offers flexibility and the power to access your healthcare funds whenever, wherever. Note: We cant accept a cancelled check, credit card receipt, or billing statement that shows previous balance, balance forward, estimated, filed, or pending insurance.. However, this does not influence our evaluations. Order an additional PayFlex Card for your spouse or dependent After logging in, click on Account Settings and then select PayFlex Card. Call Card Services at 1-888-999-0121. 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. And make sure to download the PayFlex mobile app to manage your account wherever, whenever. Once you create your PIN, you can use it right away. When you contribute to your HSA with the money you save from your lower premiums, you give yourself tax-free dollars. 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. Call our Client Care team at 1-888-472-8697. If you receive a new card, call the number listed on the activation label. What Is The Difference Between An HRA And A Qsehra? FSAs are set up by an employer in a cafeteria plan, where your employer provides certain benefits on a pretax basis. Click Continue. Her work has been featured by USA Today, U.S. News and World Report and The Associated Press. NerdWallet strives to keep its information accurate and up to date. 10.4. All financial products, shopping products and services are presented without warranty. Generally, funds left in an FSA at the end of the year are forfeited. p. a. yex.com. This is a good process with any account transfer, the company receiving the money has the incentive to make things go smoothly. If your expense is eligible, you can submit a claim to pay yourself back. 51 0 obj <>stream When youre ready to pay for an eligible expense, simply provide your card for payment. You should contact your Human Resources or Benefits Department for more information. Read more. This can happen when the amount you paid doesnt match your copay amount or you paid an estimated or pending amount. 02. No. Your HSA Bank Health Benefits Debit Card provides access to your HSA funds at point-of-sale with signature or PIN and at ATMs for withdrawals.Your HSA BankHSA BankHSA Bank is a health savings account (HSA) administrator in the United States. When evaluating offers, please review the financial institutions Terms and Conditions. You can use your HSA account for a lot more than you think. Or you can simply pay out of pocket and then submit a claim to pay yourself back. Click Complete Validation next to the bank . The PayFlex Card, your account debit card. Once its reported, its subject to an income tax and treated as though it had never been in your tax-free HSA. To see your account balance or card transactions and activity, log in to the PayFlex member website. This is the best form of documentation. Medical spending includes expenses for hearing, vision and dental health, even if you dont have insurance for those. If you have a PayFlex HSA, you can transfer funds through the app. A Limited Purpose FSA may also cover other health care expenses after you meet your deductible. So if life throws you a curveball, your HDHP and HSA will help keep you covered. We believe everyone should be able to make financial decisions with confidence. Apple, iPad Air, iPad Mini, iPhone and the Apple logo are trademarks of Apple Inc., registered in the U.S. and other countries. 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. If massage therapy services are prescribed by your physician then you can use your FSA account to pay for these services. Its a no-touch payment thats fast, easy and secure. So go ahead, swipe your card or use your digital wallet to pay for your health care expenses. These limits are subject to change annually. Click Complete Validation next to the bank account you wish to validate. And PayFlex makes investing easy with a choice of funds and the facts you need, right on the website. The merchant may not be able to accept health care cards. And as your balance grows, youll be able to invest your extra HSA dollars into mutual funds for those future health care expenses. Most FSA plans come with a debit card you can use for qualified expenses, but if yours doesnt, pay close attention to your claims window. You can also set up your account to auto-invest all or part of your future contributions in the funds you select, so you have the flexibility to spread your HSA dollars among your fund options however you like. card. That's why we developed the PayFlex mobile app so you can have all your account information in the palm of your hand. Sign in to your HSA using digital banking at TheHSAAuthority.com. A high-deductible health plan comes with a lower premium, meaning less money will come out of your paycheck for coverage. Enter the spouse or dependent name and click Submit. See How it Works If you have a Flex Spending Account (FSA), you may not be aware that Massage Therapy can qualify as a medical expense. Now its easier than ever to manage your PayFlex account on the go. Click on Make an HSA Withdrawal. While there are no minimum contribution or balance requirements, the federal government does set limits on how much can be contributed each year. Theyre different from health savings accounts, or HSAs, in that the money can be spent only in the calendar year its contributed. Please consult a tax advisor if you have any questions prior to completing this form. Support for Clients and Employees. If youre worried about identity theft after cancelling your card, you can use Mastercards Identity Theft Resolution Services at no cost. If you already have a PayFlex Card and you re-enroll in a limited purpose FSA for the 2022/2023 plan year - you can use the same card. If this is your second or third time having to scramble to spend all of your FSA money, why not aim to contribute the perfect amount to your FSA in the first place? Typically, you must spend the money in your FSA by the end of the plan year. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion directly. This means your contribution comes out of your paycheck before Federal, Social Security and in some cases, state taxes are deducted from your pay. You can only use the card to pay for eligible expenses. Otherwise, you can create a fax coversheet and fax your documentation to PayFlex. Some employers may also offer the PayFlex Card with a dependent care FSA. If your expense went through your medical or dental plan, youll need to send an Explanation of Benefits (EOB) from your plan. Anyone with a PayFlex account can use it for free*. This information may be different than what you see when you visit a financial institution, service provider or specific products site. The care must be for your child under age 13, or for a spouse or dependent who isnt able to take care of him or herself and who lives with you at least half of the year. Pay your provider You may pay your provider directly from your account. PayFlex Card. When you pull out funds from your HSA for . Submitting a claim through the PayFlex Mobile app . endstream endobj 21 0 obj <>>> endobj 22 0 obj <> endobj 23 0 obj <>/Font<>/ProcSet[/PDF/Text]>>/Rotate 0/Thumb 6 0 R/TrimBox[0.0 0.0 612.0 792.0]/Type/Page>> endobj 24 0 obj <>stream 02/03/2023 - 02:36 CST. You wont have to submit a claim for your PayFlex Card expenses or wait for reimbursement. This can be done on its website or through the PayPal app. . We use cookies to ensure that we give you the best experience on our website. 1. When you go to withdraw PayPal payments, you can do so through a standard transfer or an instant transfer. How do I find my PayFlex member ID number? . You can withdraw money from your HSA at any time for any purpose If the money is used for an ineligible expense (whether medical or non-medical), the expenditure will be taxed and, for individuals who are not disabled or over age 65, subject to a 20% tax penalty. The PayFlex Card can give your employees instant access to their HSA to . You already know how a PayFlex health savings account, HSA, is a great way to save for health care expenses. Keep it simple with the PayFlex Mobile app Manage your account and view . Note: If you have multiple Click on Make an HSA Withdrawal. The PayFlex Card is your account debit card. Fuel, gasoline for medical care reimbursement is eligible with a flexible spending account (FSA), health savings account (HSA) or a health reimbursement arrangement (HRA). Whats The Difference Between Class 2 And Class 3 NI Contributions? Contact us
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