Any travel for medical care you did this year. It helps make it easier for you to spend the money in your PayFlex account. Definitely recommend rolling it over to fidelity though as you don't want to get stuck paying $5 a month with PayFlex. The turnaround time is typically three to five business days from the date the claim is processed. 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. How can I get money off my PayFlex card? For 2022 I had an HSA account (effective 1/1/22) but didn't receive my card until March of 2022. Your FSA election remains in place for the plan year. 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. Health Care FSA A high-deductible health plan comes with a lower premium, meaning less money will come out of your paycheck for coverage. 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 use your HSA account for a lot more than you think. There's no fee in anyone with a PayFlex account can use it. %PDF-1.5 % You cannot roll over HSA funds into a 401(k) You also cannot roll over 401(k) money into an HSA. ONE debit card for your FSA and all your other benefits. Click on Make an HSA Withdrawal. A healthcare FSA lets you use pre-tax dollars to pay for eligible healthcare expenses that aren't covered by your medical plan. PayFlex is the administrator of the TexFlex Flexible Spending Accounts. Our partners cannot pay us to guarantee favorable reviews of their products or services. Select Bank accounts. If your plan includes a PayFlex Card, you'll use that to register your account on the PayFlex member website. The amount you are able to withdraw in a given year varies based on your medical costs. When your HSA has the minimum balance amount required, you can begin to invest through a variety of four-star-rated mutual funds. Need to file a claim? Then withdraw funds from your FSA to pay yourself back and have your payment deposited. Under no circumstances can your boss give the money back to you directly. Well then cancel your card and send you a new one. 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. Note: If you don't respond to the request, your card may be suspended until you either send in the For 2023, the health care FSA and limited purpose FSA contribution limit is $3,050. Simply swipe and select either debit or credit at the time of purchase. So, when you use your FSA funds, its like youre saving about 30 cents on every dollar you spend. It includes most expenses related to medical care, with the notable exceptions of health insurance premiums and over-the-counter medication. 03.752.1-ST B (4/20) . This is different from a . The PayFlex Card helps make it simple for you to pay for your eligible expenses. It depends on your plan. Whats The Difference Between Class 2 And Class 3 NI Contributions? Therefore, your taxable income is less. Now let's get you up to speed on flexible spending accounts. Funds in your account roll over from year to year. Remember, your funds don't always roll over, so be sure to spend it all by the end of the plan year. It helps make it easier for you to spend the money in your PayFlex account. 4. To learn what's allowed, visit an online FSA store that sells only FSA-eligible items, like FSAstore. Plus, you can take your HSA with you whether you change plans, jobs, or decide to retire. Add your card to your digital wallet for an even more convenient way to pay. 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. This may include doctor and dental offices, hospitals, pharmacies, and hearing and vision care centers. Helps keep your card active Wait to submit your claim until you receive your EOB from your insurance provider. You can always use another form of payment for your expenses and submit a claim to pay yourself back. When youre ready to pay for an eligible expense, simply provide your card for payment. SAM. 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. Eligible expenses may include doctor and dentist visits, hospital stays, prescriptions, and hearing and/or vision care. To send documents with your claim, simply take a picture and upload it through the app. Once you order a card, you should get it within 10 to 15 business days. Contact our accountable and empathetic service . Be sure to review your plan to determine whats eligible. 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. 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. 1 Second, spending your HSA money on qualified medical expenses is free of federal . In other words, FSA funds are use it or lose it, and any unused money left over at the end of the year is no longer yours. Yes. 1. About the author: Lacie Glover is an insurance editor and writer and a NerdWallet authority on insurance. Generally, Federal taxes range from 15% to 28% and Social Security taxes is currently 7.65% of your pay. Thats money you can spend on other things you might need. 01. You can only use the card to pay for eligible expenses. 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). If you have a PayFlex HSA, you can transfer funds through the app. Go to Account Settings. Once you finish these steps, your card will be activated. Shop at CVS with the PayFlex Card, your account debit card You can use your PayFlex debit card to pay for things like allergy medicines, bandages, cold/cough medicines, feminine hygiene products, medicated lip balm, pain relievers, sunscreen and thermometers. He holds a Bachelor of Arts in communications and a Master of Arts in anthropology. 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. FSAs are tax-advantaged accounts that can be used for medical expenses only; they're sometimes also called flexible spending accounts. An HSA withdrawal is the last tax perk in the string of three tax advantages offered through this account. That's why we offer the PayFlex card, the account debit card that makes it simple for you to pay for your eligible expenses. An HSA is similar to an individual retirement account (IRA) or 401(k). What will happen to potassium if the sample is hemolyzed? You can do this online, through the PayFlex Mobile app, or complete a paper claim form and fax or mail it to us. 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. How do I transfer money from my PayFlex card to my bank account? 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. How do I find my PayFlex member ID number? Your plan will determine this. 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. As a writer, her work was featured in The Associated Press, The Motley Fool and U.S. News & World Report. A good starting point is determining how much of your FSA funds you spent effortlessly this year. **. Can I transfer money from my PayFlex to my bank account? 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 also use it to pay for medical, dental and vision bills, including telehealth and COVID-19 treatment. Each FSA has its own contribution limit, which is set by the Internal Revenue Service (IRS). 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. Do not sell or share my personal information. The PayFlex Card can give your employees instant access to their HSA to pay for eligible expenses at qualified merchants If they have an Apple or Samsung device, they can add the card to their digital wallet. For a full list of whats eligible, go to www.payflex.com. Our opinions are our own. Lacie Glover is an insurance editor and writer and a NerdWallet authority on insurance. Youll then enter the last four digits of your Social Security number (SSN). Sign it in a few clicks. If thats the case, youll only have to worry right now about the money in excess of your rollover limit. A Limited Purpose FSA can help you save your HSA funds for the future. What Is A Characteristic Of Preferred Provider Organizations? You contribute, spend and save. 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. This could be medical, vision, dental, prescriptions, plus over-the-counter stuff like pain relievers or cold and flu medicine. Follow the instructions. Heres how it works. Once you order a card, you should get it within 10 to 15 business days. 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. The PayFlex Card can give your employees instant access to their HSA to . You can feel good about contributing to a health care FSA. Yes. Senior Assigning Editor | Los Angeles Times; University of California, San Diego; Microsoft. Check with your employer for details about your plan so you can maximize your savings. How do I transfer money from my PayFlex card to my bank account? These limits are subject to change annually. To use your card, simply swipe and select either Debit or Credit. After you swipe the card, our system automatically confirms if you have enough funds available. This is the best form of documentation. 4. By the time we get to the health savings account (HSA . The expense may be ineligible under your plan. 2023 PayFlex Systems USA, Inc. All Rights Reserved. If you have a PayFlex Health Savings Account, HSA, you can request funds and make deposits to your HSA. Click on the Financial Center. After you log in to the app, select Manage to get started. App Store is a service mark of Apple, Inc. Android, Google Play and the Google Play logo are trademarks of Google LLC. Spend the funds in your FSA (and other benefit accounts) using your smart benefits debit card. For dependent care expenses, the dependent care provider must sign the claim form or provide an itemized receipt. Click Complete Validation next to the bank . You can continue to use your HSA even if you lose your job. And employers get to decide whether or not to allow pre-tax . *Standard text messaging and other rates from your wireless carrier still apply. Medical spending includes expenses for hearing, vision and dental health, even if you dont have insurance for those. 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. Call Card Services at 1-888-999-0121. Check your card's expiration date Your card is valid for five years, as long as you're an active member. 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. *Devices supported: iOS version 10 or above on iPhone 5s, iPad Air, iPad Mini 2 or higher models and Android version 7.0 Nougat or above on phones and tablets. Health care and limited-purpose FSA participants be sure to have your TexFlex debit card nearby. The reimbursement is generally just a bank transfer from HSA > checking account (or wherever) but can occur at any time. 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. Select the "cash withdrawal" or "cash advance" option. It must include the date(s) of service. We have to suspend cards when we dont receive information from you to show that a card purchase is eligible. 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. 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. Click Continue. After that, you may be able to use your account for any eligible healthcare expenses. You can avoid paying taxes by continuing to use the funds for qualified medical expenses. Keep it simple with the PayFlex Mobile app Manage your account and view . Because most plan years are calendar years, this option usually allows you to use the money from Jan. 1 to March 15 the next year. 02/03/2023 - 02:36 CST. You can contribute money from each paycheck into your HSA. 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. Bank accounts. 6. 02. You'll use your card to pay for eligible expenses like office visits, deductibles, copays and coinsurance, prescriptions and certain over-the-counter items. Contact us When you contribute to an FSA, that money is deducted from your pay on a pretax basis. You can withdraw funds from your HSA at any time to cover qualified medical expenses, which are listed below. 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. No. 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. 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. Go to your bank if you do not have a checking account that is linked to your savings account. 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. Account . To do this, enter four digits of your choice. If you have an HSA, you can use the card for eligible expenses that you incur after your HSA is opened. It must show: Generally, we wont ask you to send information for your prescriptions. When you report that $100, it will be taxed at 25% and you will only get $75 on your tax return. 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. Many or all of the products featured here are from our partners who compensate us. These merchants include doctors offices, hospitals, pharmacies and hearing and vision care centers. 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. This gives you more time to submit claims for eligible expenses that you incurred during the plan year. This lets you withdraw funds from your HSA and deposit them into your linked bank account. A grace period, when you can keep spending FSA money up to 2 months past the end of the plan year. You can also use your card at some discount and grocery stores. Enter the spouse or dependent name and click Submit. Is US Family Health Plan Part Of TRICARE? If your issue is account related, you can get help via your online account. When you file Form 8889 for the reimbursing year, this amount will appear . Note: If you have multiple You'll need it to set up your online account. Search for the order using the customer name or payflex order number or merchant reference number; Select the view/refund button; Capture the amount and reason for processing the refund (for your own records). Click on Order a Dependent Card. 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. Your card is good for five years as long as youre a PayFlex member. Its a fast, easy and secure way to pay. Call us as soon as possible to report a lost or stolen card. You can be reimbursed for eligible health care expenses that you, your spouse and eligible tax dependents incur during the plan year. 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. A dependent care FSA can help pay for services like daycare, preschool, and elder care. 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 . . If your FSA has a grace period, you have an additional two months and 15 days after the end of your plan year to spend your FSA funds. Some employers give you more time to spend your funds or let you carry over unused funds to the next plan year. You'll also have access to our barcode scanner a tool that helps you verify if an item is an eligible healthcare expense. . Save money on taxes by enrolling in TexFlex! Many transfers between accounts can happen immediately. Here's how to withdraw money on the PayPal app: Tap Wallet. You can use your FSA debit card only to cover eligible expenses specified by your plan. The money that goes into your account, which is how you save for current and future eligible expenses, is based on how much you contribute. So if you have any left toward the end of the year, youll need to figure out when and how to spend it. Complete a paper claim form and mail or fax it with your documentation. Its quite simple, really. Click on Make an HSA Withdrawal. 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. Click on Make an HSA Withdrawal. Aetna You can only use the card to pay for eligible expenses. In many FSAs with an extension option, the deadline to use the money is the same as the deadline to submit claims to the FSA broker for the year. 2023 PayFlex Systems USA, Inc. All Rights Reserved. Apple, iPad Air, iPad Mini, iPhone and the Apple logo are trademarks of Apple Inc., registered in the U.S. and other countries. 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. The merchant may not be able to accept health care cards. Saturday, 9 AM to 2 PM (CT). Employers may set a lower limit, so you should check your plan to know how much you can contribute. You can use this card to pay for certain eligible expenses. These expenses are so that you and, if married, your spouse can work, look for work or attend school full-time. Your election amount is simply deposited into your account and available on your card. Check out the list of common eligible health care expenses. 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 This change only applies to OTC drugs and medicines you paid for after December 31, 2019. You can invest it, and it . With PayFlex, you have the tools, services, and support to make the best decisions for your health and financial well-being. Re: Moving HSA Advice: from PayFlex to Fidelity Fidelity has no fees Contact only Fidelity, they will step you through the process. You should always keep all your itemized receipts and Explanations of Benefits (EOBs). So, you could save about 30 cents on every dollar you spend on eligible expenses. If your expense didnt go through your medical or dental plan, you can send an itemized receipt or statement for the expense. This card is what you'll use to pay for eligible healthcare expenses. You can do this online, through the PayFlex Mobile app, or complete a paper claim form and fax or mail it to us. If you wish to set up a Personal Identification Number (PIN), call 1-866-898-9795. See why thousands of members are giving the enhanced mobile app* a "thumbs-up." Save - Your FSA contributions are tax-free. 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. However, your plan may have a grace period or carryover feature, which can help reduce forfeitures. To get started, view your alerts. 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. Primary hours. hZ]s8?Tu0dCaq+^v6NX`jjR$K^]IG{:$N;8r|M>> 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 HSA vs. FSA: Differences and How to Choose. While you can't have any back, there are two cases where . No. For this reason, we ask that you please contact your employer or on-site administrator before contacting Paychex.
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