Click on Order a Dependent Debit Card. A dependent care FSA helps you pay for eligible child or adult day care expenses. When you contribute to your HSA with the money you save from your lower premiums, you give yourself tax-free dollars. 1-844-PAYFLEX 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 . You can also pay for deductibles, co-pays, and co-insurance. Read on to learn more about how FSAs can benefit you! 51 0 obj <>stream You can feel good about contributing to a health care FSA. Click on Make an HSA Withdrawal. I was charged one fee by PayFlex which was reimbursed by fidelity. Log in to the app and select the Financial Center. 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. 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. While there are no minimum contribution or balance requirements, the federal government does set limits on how much can be contributed each year. ` 7 If HSA funds are withdrawn for non-medical use before age 65, some penalties apply: funds withdrawn early lose their tax-exempt status and are . No. 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. The PayFlex Card can give your employees instant access to their HSA to . A high-deductible health plan can be combined with a Health Savings Account (HSA). You can download the app from your mobile devices app store. Frequently asked questions How does the card work? It depends on your plan. You'll use your card to pay for eligible expenses like office visits, deductibles, copays and coinsurance, prescriptions and certain over-the-counter items. Here's how to withdraw money on the PayPal app: Tap Wallet. Contact us You also need to notify us of any suspected fraud within 10 days. If your FSA plan has the rollover option and you plan on leaving some in for next year, you can contribute even less. Then use it for a no-touch payment. Instant access to your money The PayFlex Card helps make it easier for you to spend the money in your tax-advantaged account. Then select File Claim to get started. This may include doctor and dental offices, hospitals, pharmacies, and hearing and vision care centers. This only applies to flexible spending accounts (FSAs) and health reimbursement arrangements (HRAs). And use our simple barcode scanner while you're shopping to see which products are eligible expenses. 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. For 2023, the health care FSA and limited purpose FSA contribution limit is $3,050. 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. Please mail, fax or email the completed form to PayFlex The address, fax number and email address are on the bottom of the form. Some employers give you more time to spend your funds or let you carry over unused funds to the next plan year. When you contribute to your HSA, your funds are placed in an FDIC insured account that earns interest and grows tax free. A flexible spending account (FSA) lets you pay for eligible expenses with tax-free money. Yes. This limit is for each FSA participant. Under no circumstances can your boss give the money back to you directly, according to IRS rules. 11819 Miami St STE 200. You can only use the card to pay for eligible expenses. It's simple and lets you manage your money from your phone. Her work has been featured by USA Today, U.S. News and World Report and The Associated Press. After you log in to the app, select Manage to get started. You can spend your FSA money on medical expenses for your spouse, children or any other qualifying dependent you claim on your taxes. If you have a PayFlex FSA or HRA, you can use the app to submit a claim to pay yourself back for an eligible expense you paid out of pocket. Fuel, gasoline for medical care reimbursement is eligible with a flexible spending account (FSA), health savings account (HSA) or a health reimbursement arrangement (HRA). What if I don't have documentation or used my card in error? It helps make it easier for you to spend the money in your PayFlex account. What Is The Difference Between An HRA And A Qsehra? You should check your plan to know how much you can contribute. Call Card Services at 1-888-999-0121. Call the number on the card to activate it. All of the money deposited into your HSA, up to the maximum annual contribution limit determined by the IRS each year, is 100% tax-deductible for federal income tax, FICA (Social Security and Medicare) tax, and state income tax (for most states). Our partners cannot pay us to guarantee favorable reviews of their products or services. The reimbursement is generally just a bank transfer from HSA > checking account (or wherever) but can occur at any time. Money set aside in these accounts will reduce your taxable income, providing you with more value for the dollar. 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. Lacie is a NerdWallet authority on insurance products and loves data, analytics and solving SEO mysteries. You wont have to submit a claim for your PayFlex Card expenses or wait for reimbursement. Typically, you must spend the money in your FSA by the end of the plan year. 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? 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. You have two ways to . Health care and limited-purpose FSA participants be sure to have your TexFlex debit card nearby. 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. 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. The 2nd option is the one you are using, with a 1 year delay. Enjoy easy access to your money. Complete a paper claim form and mail or fax it with your documentation. If you have a PayFlex Health Savings Account, HSA, you can request funds and make deposits to your HSA. Make an HSA payment Click on the Financial Center. 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. Get it today from the App Store or Google Play. For 2023, I switched to a Flex Spending account. 03.752.1-ST B (4/20) . Learn about health/dependent care flexible spending accounts with the PayFlex Card, See the simple way to save with health/dependent care flexible spending accounts, Explore saving with health/dependent care flexible spending accounts (spanish version), Learn about the limited purpose FSA with the PayFlex Card, Save money with a limited purpose FSA when paying for dental and vision costs. For 2022 I had an HSA account (effective 1/1/22) but didn't receive my card until March of 2022. If you dont respond by this date, well have to suspend your card. Note: If you have multiple accounts, select your Health Savings Account from the drop-down menu at the top of the page. The IRS has a list of approved medical expenses you can check out for more details. 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. Enter the irst and last name of your spouse or dependent Submit. Note: If you have multiple The funds in an HSA can be used for general non-medical purposes, without penalty, once the employee reaches age 65. Get help when you need it. When you report that $100, it will be taxed at 25% and you will only get $75 on your tax return. No. Please try again later. 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. Payment happens right away if you have funds in your health savings account (HSA), flexible spending account (FSA) or health reimbursement arrangement (HRA). card. Need help with your PayFlex account? 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. PayFlex is the administrator of the TexFlex Flexible Spending Accounts. And when you're using a desktop, you can expect the same user-friendly experience. Select the "credit" option, if necessary (you may be asked to . Make an HSA payment Click on the Financial Center. Medical spending includes expenses for hearing, vision and dental health, even if you dont have insurance for those. Generally, we send a request for documentation when were unable to verify if one or more of your card purchases is eligible. Keep in mind that some merchants may ask you to select Debit. This means youll need to enter your PIN to complete the transaction. 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. If you have questions about your FSA after you enroll, you may call Member Services at Do not sell or share my personal information. Two options for that extra cash. 3. Dependent Care FSA 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. %PDF-1.5 % Definitely recommend rolling it over to fidelity though as you don't want to get stuck paying $5 a month with PayFlex. Verify your PayFlex Card purchases If you're asked to verify your card purchase is an eligible expense, you can take action online. Use it for eligible health care expenses, such as doctor and dentist visits, prescriptions, hospital stays, hearing and vision care. Here is a list of our partners and here's how we make money. Then you must enter a new four-digit PIN. There may be times when we ask you to show that a card purchase is eligible. Funds in your account roll over from year to year. 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.
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