Contact our accountable and empathetic service . You may be charged $2 to $5 every ATM withdrawal with your prepaid card. In 2011, Aetna acquired PayFlex to support its existing consumer-directed product offerings. It must include the date(s) of service. Eligible expenses may also include prescriptions and OTC items for dental and vision care. I was charged one fee by PayFlex which was reimbursed by fidelity. You can upload them to your online account or via the mobile app to verify your card purchases. Then you would pay the balance with another form of payment. You can be reimbursed for eligible health care expenses that you, your spouse and eligible tax dependents incur during the plan year. For full refunds, the refund amount will be equal to the sum of instalments paid to date. If you choose to send funds to someone else, youll have to select/add a recipient and enter some details about your payment. You should always keep all your itemized receipts and Explanations of Benefits (EOBs). It makes the fax hard to read. Save - Your FSA contributions are tax-free. This lets you withdraw funds from your HSA and deposit them into your linked bank account. You could check your balance and ask the merchant to charge your card just for the amount that you have available. 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. The mobile app allows you to stay up to date on your account too. Medical spending includes expenses for hearing, vision and dental health, even if you dont have insurance for those. And if you're over the age of 55, you can make a catch-up contribution of $1,000. It helps make it easier for you to spend the money in your PayFlex account. When you pull out funds from your HSA for . You should check your plan documents to confirm this. If you dont respond by that date, well have to suspend your card. If you select debit, youll need to enter a Personal Identification Number (PIN). This is the FSA use-it-or-lose-it rule. When your HSA has the minimum balance amount required, you can begin to invest through a variety of four-star-rated mutual funds. And with PayFlex, you'll have the tools, services, and support to make the right decisions for your health and financial well-being. 1-844-PAYFLEX Check with your employer for details about your plan so you can maximize your savings. 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. Fuel, gasoline for medical care reimbursement is eligible with a flexible spending account (FSA), health savings account (HSA) or a health reimbursement arrangement (HRA). You can use the card to pay for eligible expenses. This card is what you'll use to pay for eligible healthcare expenses. There is a daily transfer limit of $2,500 to safeguard against fraudulent activity. If the merchant or provider allows you to select debit or credit, either option will work. 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 It is similar to a debit card since it electronically accesses the money loaded onto the card, when used to pay for eligible expenses. 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. Theres no fee to download the app. Learn more about Health Care Flexible Spending Accounts, Tax-free spending on eligible health care expenses, Let's take the mystery out of pretax accounts, PayFlex Individual Health Savings Account (HSA), Employer-sponsored Health Savings Account (HSA), Health Care Flexible Spending Accounts (FSAs), Dependent Care Flexible Spending Accounts (FSAs), Money spent after-tax on health care expenses, Money spent after-tax on dependent care expenses, Change in legal marital status (marriage, divorce, legal separation, annulment, death of a spouse), Change in number of tax dependents (birth, adoption, death), Change in employment status that affects benefit eligibility, Dependent becomes or is no longer eligible under the plan (reaches limiting age, gains or loses student status), Change in residence that affects eligibility. The money you contribute reduces your taxable salary, meaning thousands in tax savings for high-income folks. Helps keep your card active Wait to submit your claim until you receive your EOB from your insurance provider. No. The expense may be ineligible under your plan. It's free and doesn't require cash or fees. Most people listen to videos like these on mute so I wasn't expecting you. You can always use another form of payment for your expenses and submit a claim to pay yourself back. You may pay your provider directly from your account. With the PayFlex Mobile app, you can access your account anytime, anywhere. The PayFlex Card is your account debit card. Spending money in your account is easy with the PayFlex Card. ONE debit card for your FSA and all your other benefits. b'b'NNB7t/ydVh%^\J7qs#y*uV^x;J1;HQ:;:z\TEU!. Then withdraw funds from your FSA to pay yourself back and have your payment deposited. When you file Form 8889 for the reimbursing year, this amount will appear . To confirm your PIN, re-enter your four digits. By the way, that HSA of yours will grow over time. To send documents with your claim, simply take a picture and upload it through the app. I've had problems with PayFlex for both HSA and Flex Spending accounts. You can submit a withdrawal request form to receive funds (cash) from your HSA. Within the PayFlex member website, you can view your account balance, open an investment account or review recent transactions and activity. Select the "credit" option, if necessary (you may be asked to . Please make sure to remember your PIN, as you wont receive a confirmation of it. However, there is no tax penalty to make withdrawals to cover qualified medical expenses. You can do this online, through the PayFlex Mobile, or complete a paper claim form and fax or mail it to us. About the author: Lacie Glover is an insurance editor and writer and a NerdWallet authority on insurance. Eligible expenses may include doctor and dentist visits, hospital stays, prescriptions, and hearing and/or vision care. You can contribute up to $2,550 to your FSA this year, so you could have a lot of unused money to spend. 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. If youre worried about identity theft after cancelling your card, you can use Mastercards Identity Theft Resolution Services at no cost. A limited Purpose FSA can help you pay dental and vision expenses before you meet your deductible. You have control and can choose your mix of funds based on your age or risk tolerance. However, your plan may have a grace period or carryover feature, which can help reduce forfeitures. You can feel good about contributing to a health care FSA. 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. Call 1-888-678-7646 (TTY: 711). HSA funds can also be withdrawn for non-medical expenses like buying a home or paying with a larger down payment. Each FSA has its own contribution limit, which is set by the Internal Revenue Service (IRS). The Instant transfer typically takes a few minutes to complete (up to 30 minutes). Check out the list of common eligible health care expenses. If youre unable to use your card, you can use another form of payment. . 2023 PayFlex Systems USA, Inc. All Rights Reserved. Under Quick Links, click Manage My Debit Card(s). The reimbursement is generally just a bank transfer from HSA > checking account (or wherever) but can occur at any time. The PayFlex Card is 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. 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. When evaluating offers, please review the financial institutions Terms and Conditions. *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. The funds roll over year to year, and the account earns interest too. A high-deductible health plan comes with a lower premium, meaning less money will come out of your paycheck for coverage. With your pretax FSA contributions, you could save about $1,020. When you go to withdraw PayPal payments, you can do so through a standard transfer or an instant transfer. 02/03/2023 - 02:36 CST. you can process a partial refund Your employer may offer a PayFlex Card, AKA your account debit card. Well then cancel your card and send you a new one. We cant accept a cancelled check, credit card receipt or billing statement that shows previous balance, balance forward, estimated, filed or pending insurance.. Have questions about your card? Download the app today from your mobile device's app store. 3. That's why we developed the PayFlex mobile app so you can have all your account information in the palm of your hand. The number is on the back of your PayFlex Card. Staying proactive is key to managing your potential financial growth. A grace period, when you can keep spending FSA money up to 2 months past the end of the plan year. 9. What if I don't have documentation or used my card in error? No. Your employer may offer the PayFlex Card with your health care FSA. Despite the hassle of having to spend this extra money, FSAs are generally a good way to avoid paying taxes on medical costs. Your employers plan determines which status change events are allowed. While there are no minimum contribution or balance requirements, the federal government does set limits on how much can be contributed each year. 4. Employers may set a lower limit, so you should check your plan to know how much you can contribute. Once the plan year is over, that money is gone. Visit Website. So if life throws you a curveball, your HDHP and HSA will help keep you covered. Funds that are rolled over continue to grow and earnings are tax free. 4. When evaluating offers, please review the financial institutions Terms and Conditions. Click on Trouble logging in? For this reason, we ask that you please contact your employer or on-site administrator before contacting Paychex. ` 7 If you need a card for your spouse or dependent, you can order one through the PayFlex member website at no cost. You can enable push notifications to receive automated alerts about your account activity. Where can I use my PayFlex Card? If you find discrepancies with your credit score or information from your credit report, please contact TransUnion directly. First, personal HSA contributions using after-tax money may be federal income tax-deductible. 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. We use cookies to ensure that we give you the best experience on our website. Your health plan should take care of the whole you both physically and financially. 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. Dont have the card? It includes most expenses related to medical care, with the notable exceptions of health insurance premiums and over-the-counter medication. Add your card to your digital wallet for an even more convenient way to pay. You can also use it to pay for medical, dental and vision bills, including telehealth and COVID-19 treatment. Plus, an HSA is a triple tax advantage account, which means that contributions, earnings, and withdrawals for eligible expenses are tax-free. %%EOF Your card is good for five years as long as youre a PayFlex member. Out-of-pocket expenses are those not covered by insurance or any other plan. These expenses are so that you and, if married, your spouse can work, look for work or attend school full-time. 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. All financial products, shopping products and services are presented without warranty. You can invest it, and it . While there may be one plan with this benefit, it's unavailable in all areas or for all beneficiaries. 1-844-PAYFLEX The amount you are able to withdraw in a given year varies based on your medical costs. 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. PayFlex Systems USA, Inc., Aetna, and CVS Pharmacy are part of the CVS Health family of companies. It helps you save on everyday items like contact lenses, sunscreen and bandages. Health Benefits Debit Card 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. 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. Contact us Frequently asked questions . Flexible Spending Arrangements (FSAs) are tax-free, "use it or lose it" savings accounts for medical and certain non-medical expenses. Share your form with others. Now its easier than ever to manage your PayFlex account on the go. For a full list of whats eligible, go to www.payflex.com. SAM. Your ID number is your Social Security number. Go to Account Settings. If the cash is used to pay for ineligible purchases, it must be reported when youre filing your taxes. If your expense didnt go through your medical or dental plan, you can send an itemized receipt or statement for the expense. We believe everyone should be able to make financial decisions with confidence. You may request that your TASC Card be reissued. Pre-qualified offers are not binding. 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. Don't mark up the document with a highlighter. Instant access to your money The PayFlex Card helps make it easier for you to spend the money in your tax-advantaged account. However, your employer sets your carryover amount. We know that many people live life on the go. The funds in an HSA can be used for general non-medical purposes, without penalty, once the employee reaches age 65. Check out some of the frequently asked questions below. It's simple and lets you manage your money from your phone. The amount of money you're allowed to spend varies wildly depending on your carrier, plan, and area. A Limited Purpose FSA may also cover other health care expenses after you meet your deductible. 51 0 obj <>stream Previously, he has worked as a channel manager at MSN.com, as a web manager at University of California San Diego, and as a copy editor and staff writer at the Los Angeles Times. Under no circumstances can your boss give the money back to you directly, according to IRS rules. FSAs are set up by an employer in a cafeteria plan, where your employer provides certain benefits on a pretax basis. Please consult a tax advisor if you have any questions prior to completing this form. 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. Once you finish these steps, your card will be activated. Then withdraw funds from your FSA to pay yourself back and have your payment deposited. Support for Clients and Employees. This is an IRS rule. Eligible expenses may include doctor and dentist visits, hospital stays, prescriptions, and hearing and/or vision care. This generally includes doctor and dental offices, hospitals, pharmacies, and hearing and vision care centers. Your employer will let you know how and when to submit claims. Click on Order a Dependent Card. Or your plan may only allow prescription . 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. Your election amount is simply deposited into your account and available on your card. 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. 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 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. Select the "cash withdrawal" or "cash advance" option. Also PayFlex makes you keep $1K in cash while fidelity lets you invest 100% of your account value. 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. Not sure how much you have to spend? Click on Make an HSA Withdrawal. Use our app to scan a barcode, in-store or anywhere else. What Happens If I DonT Pay National Insurance Contributions? 1. You can only use the card to pay for eligible expenses. Enjoy easy access to your money. 10.4. If you have a health care FSA, you can use your card for eligible expenses that you incur during the plan year. That's why we offer the PayFlex card, the account debit card that makes it simple for you to pay for your eligible expenses. However, this does not influence our evaluations. Call our Client Care team at 1-888-472-8697. If you are still covered by a qualifying high-deductible health plan, you can continue to contribute as well.