When you pull out funds from your HSA for . No. To send documents with your claim, simply take a picture and upload it through the app. No, you can use funds only for the purpose for which the election was initially made. These include deductibles, coinsurance, co-pays, and over-the-counter (OTC) items. 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. Download the app today from your mobile device's app store. Once you create your PIN, you can use it right away. Out-of-pocket expenses are those not covered by insurance or any other plan. To create or change your PIN, call 1-888-999-0121. PayFlex is the administrator of the TexFlex Flexible Spending Accounts. Order an additional PayFlex Card You can order an additional card for your spouse or dependent. So if you have any left toward the end of the year, youll need to figure out when and how to spend it. A limited Purpose FSA can help you pay dental and vision expenses before you meet your deductible. After you reach age 65 or if you become disabled , you can withdraw HSA funds without penalty but the amounts withdrawn will be taxable as ordinary income. Get help when you need it. The exception is if you have any large expected medical costs, such as a planned surgery or new baby, coming in the next year. And PayFlex makes investing easy with a choice of funds and the facts you need, right on the website. Read more. 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. App Store is a service mark of Apple, Inc. Android, Google Play and the Google Play logo are trademarks of Google LLC. And make sure to download the PayFlex mobile app to manage your account wherever, whenever. For a full list of whats eligible, go to www.payflex.com. So, the question of withdrawal fees is redundant in this case. Enter the first and last name of your spouse or dependent name and click Submit. Just use the same username and password you use to log into your PayFlex member website. It helps make it easier for you to spend the money in your PayFlex account. You can do this online, through the PayFlex Mobile app, or complete a paper claim form and fax or mail it to us. HSA vs. FSA: Differences and How to Choose. In 2011, Aetna acquired PayFlex to support its existing consumer-directed product offerings. You can enable push notifications to receive automated alerts about your account activity. The average benefit is about $500 per year, and in the current advertisement, everyone asks about a $2,880 Medicare Flex Card. You can avoid paying taxes by continuing to use the funds for qualified medical expenses. Theres more than one reason why you may not be able to use your card. So, you could save about 30 cents on every dollar you spend on eligible expenses. 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). Plus, you can take your HSA with you whether you change plans, jobs, or decide to retire. Go to Account Settings. In those cases, you might want to add more. A grace period, when you can keep spending FSA money up to 2 months past the end of the plan year. Add your card to your digital wallet for an even more convenient way to pay. To see your account balance or card transactions and activity, log in to the PayFlex member website. hb```f``ZX @ ](Q,,I@Z "L2j ^S;6b]#"`0LR0+40X. 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. b'b'NNB7t/ydVh%^\J7qs#y*uV^x;J1;HQ:;:z\TEU!. The PayFlex Card is your account debit card. 02/03/2023 - 02:36 CST. Tap your PayPal balance. Want to know if your expense is eligible? A dependent care FSA helps you pay for eligible child or adult day care expenses. Submit a claim using the PayFlex Mobile app. 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. When your HSA has the minimum balance amount required, you can begin to invest through a variety of four-star-rated mutual funds. Option 3: (Choose this option only if your dentist requires you to pay before insurance pays.) That's why we developed the PayFlex mobile app so you can have all your account information in the palm of your hand. To withdraw money from PayPal, you'll have to log in to your account and link a debit card or bank account. Check out some of the frequently asked questions below. The card wont work at an ATM. 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. Your employer may offer a PayFlex Card, AKA your account debit card. OK92033) Property & Casualty Licenses, NerdWallet | 55 Hawthorne St. - 11th Floor, San Francisco, CA 94105, How to Spend Your Extra FSA Money Before Its Gone for Good, Assigning Editor | Auto insurance, home insurance, other insurance. The card wont work at an ATM And you cant get cash back with your card. Contribute - Estimate the amount you expect to spend during the plan year on eligible out-of-pocket expenses. Don't mark up the document with a highlighter. On March 27, 2020, the CARES Act passed and changed the rules for OTC drugs and medicines. 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 . Or you can click on the column headers in the table to see which are eligible, eligible with a Letter of Medical Necessity (LOMN), or not eligible. Submitting a claim through the PayFlex Mobile app . You, your spouse, or dependents are eligible for using the FSA for qualifying expenses. If your FSA doesnt have a grace period or the carryover feature, you may have a run out period. Draw your signature, type it, upload its image, or use your mobile device as a signature pad. You have two ways to . You cannot roll over HSA funds into a 401(k) You also cannot roll over 401(k) money into an HSA. Read on to learn more about how FSAs can benefit you! Plus, an HSA is a triple tax advantage account, which means that contributions, earnings, and withdrawals for eligible expenses are tax-free. Helps keep your card active Wait to submit your claim until you receive your EOB from your insurance provider. 20 0 obj <> endobj Or those high dollar expenses like surgery, orthodontia, and hearing aids. Its a fast, easy and secure way to pay. Using your card means you dont have to pay out of pocket. 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. Pre-qualified offers are not binding. You can continue to use your HSA even if you lose your job. Also PayFlex makes you keep $1K in cash while fidelity lets you invest 100% of your account value. You may pay your provider directly from your account. 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. 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. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion directly. This lets you withdraw funds from your HSA and deposit them into your linked bank account. Check the app and view your balance in just a couple of taps. Still, the issue isnt uncommon, according to Auerbach, who says his firm sees a lot of FSA activity at the end of each year. 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. You'll also need your card to set up your online account. 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. Eligible expenses may include doctor and dentist visits, hospital stays, prescriptions, and hearing and/or vision care. Select the "credit" option, if necessary (you may be asked to . Qualified service animals, such as a guide dog, including food and grooming costs. You can use your FSA debit card only to cover eligible expenses specified by your plan. If you are still covered by a qualifying high-deductible health plan, you can continue to contribute as well. This means your contribution comes out of your paycheck before Federal, Social Security and in some cases, state taxes are deducted from your pay. Call Card Services at 1-888-999-0121. You can invest it, and it . To get started, view your alerts. We know that many people live life on the go. Please make sure to remember your PIN, as you wont receive a confirmation of it. You may not borrow against it or pledge the funds in it If you borrowed from your HSA account for non-qualifying purchases and later replace the money in your HSA account, you may be subject to tax penalties on the ineligible amount withdrawn when filing your taxes. You may also be eligible to elect COBRA coverage for your FSA. A standard transfer is free and can take between 1 and 3 business days. The PayFlex Card is your account debit card. No. Staying proactive is key to managing your potential financial growth. Keep it simple with the PayFlex Mobile app Manage your account and view . to get started. For dependent care expenses, the dependent care provider must sign the claim form or provide an itemized receipt. If so, you can use the card to pay for eligible expenses at qualified merchants. NerdWallet strives to keep its information accurate and up to date. Yes. Any travel for medical care you did this year. You can submit a withdrawal request form to receive funds (cash) from your HSA. Select Bank accounts. Do not sell or share my personal information. That's why we offer the PayFlex card, the account debit card that makes it simple for you to pay for your eligible expenses. Generally, funds left in an FSA at the end of the year are forfeited. How does the braking system work in a car? You already know how a PayFlex health savings account, HSA, is a great way to save for health care expenses. This is the best form of documentation. Employers are also allowed to give unused money back to workers -- but there's a catch. To learn what's allowed, visit an online FSA store that sells only FSA-eligible items, like. You have more options than you might expect. Can I withdraw money from PayFlex? These deductions are pretax. For 2023, I switched to a Flex Spending account. If your expense went through your medical or dental plan, youll need to send an Explanation of Benefits (EOB) from your plan. Frequently asked questions How does the card work? Enter the amount PayFlex deposited into your account. You can use your PayFlex Card to pay for eligible health care products and services. Your ID number is your Social Security number. Each FSA has its own contribution limit, which is set by the Internal Revenue Service (IRS). Can I withdraw money from my HSA after age 65? Click on Make an HSA Withdrawal. 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. You can feel good about contributing to a health care FSA. For a full list of whats eligible, go to www.payflex.com. 0 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). Need help with your PayFlex account? PayFlex Withdrawal Fee. And if you have an HSA investment account you can view your balance, fund allocations, and performances right on the app. 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 use the card to pay for eligible expenses. Theres no fee to download the app. Under no circumstances can your boss give the money back to you directly, according to IRS rules. 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. While you can't have any back, there are two cases where . Click on Trouble logging in? The only way to change your FSA election during the plan year is if you have a status change event and as a result of that event, its necessary for you to change your election. 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. How do I transfer money from my PayFlex card to my bank account? Like a 401 (k) retirement account, the HSA is yours to keep. (1-844-729-3539) (TTY: 711), Monday through Friday, 7 AM to 7 PM (CT) How can I get money off my PayFlex card? Note: This information is general in nature for informational purposes only. It must show: Generally, we wont ask you to send information for your prescriptions. You also need to notify us of any suspected fraud within 10 days. . Your card may be suspended. The PayFlex Card, your account debit card. Important News. Your employer may offer the PayFlex Card with your health care FSA. Health savings accounts Withdrawals are tax-free for qualifying medical expenses. Unused funds go to your employer, who can split it among employees in the FSA plan or use it to offset the costs of administering benefits.