%%EOF Want to know if your expense is eligible? Select Bank accounts. To learn what's allowed, visit an online FSA store that sells only FSA-eligible items, like. Lacie Glover is an insurance editor and writer and a NerdWallet authority on insurance. Using your card means you dont have to pay out of pocket. Select the "credit" option, if necessary (you may be asked to . If you have a health care FSA, you can use your card for eligible expenses that you incur during the plan year. PayFlex Card. You can also use your card at some discount and grocery stores. The number is on the back of your PayFlex Card. 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. Yes. However, there is no tax penalty to make withdrawals to cover qualified medical expenses. 02/03/2023 - 02:36 CST. 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). Thats right - this is the only tax- free financial account where you can gain interest and save money while spending on qualified health expenses. In a Nutshell. You can spend your FSA money on medical expenses for your spouse, children or any other qualifying dependent you claim on your taxes. Use our app to scan a barcode, in-store or anywhere else. It helps make it easier for you to spend the money in your PayFlex account. Your employer will let you know how and when to submit claims. 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. 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. Enter the amount PayFlex deposited into your account. Save money on taxes by enrolling in TexFlex! Yes. At age 65, you will have the ability to use your HSA funds for any purpose on a taxable basis This makes funding your HSA a great way to save for retirement. Then withdraw funds from your FSA to pay yourself back and have your payment deposited. What if I don't have documentation or used my card in error? It's simple and lets you manage your money from your phone. Some employers give you more time to spend your funds or let you carry over unused funds to the next plan year. If thats the case, youll only have to worry right now about the money in excess of your rollover limit. Complete a paper claim form and mail or fax it with your documentation. Log in to the app and select the Financial Center. Note: If you have multiple accounts, select your Health Savings Account from the drop-down menu at the top of the page. After that, you may be able to use your account for any eligible healthcare expenses. So, you can't withdraw money from your online casino account if that's what you're looking for. To see your account balance or card transactions and activity, log in to the PayFlex member website. If you continue to use this site we will assume that you are happy with it. Your employer will deduct that amount from your paycheck in equal amounts each pay period. You also need to notify us of any suspected fraud within 10 days. SAM. Once the plan year is over, that money is gone. You can withdraw funds from your HSA at any time to cover qualified medical expenses, which are listed below. 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 . 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). 03. You dont need to use your card for all eligible expenses. You'll also need your card to set up your online 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. 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. Saturday, 9 AM to 2 PM (CT). You can always use another form of payment for your expenses and submit a claim to pay yourself back. Its a no-touch payment thats fast, easy and secure. Note: If you have multiple accounts, select your Health Savings Account from the drop-down menu at the top of the page. 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. Go to your bank if you do not have a checking account that is linked to your savings account. After you incur an eligible expense, you can: *Standard text messaging and other rates from your wireless carrier still apply. 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. Click on Order a Dependent Card. You have control and can choose your mix of funds based on your age or risk tolerance. Order an additional PayFlex Card You can order an additional card for your spouse or dependent. A high-deductible health plan comes with a lower premium, meaning less money will come out of your paycheck for coverage. 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. Note: If you dont send an EOB, itemized receipt or statement with your claim, well deny it. You can use your HSA account for a lot more than you think. So when you use your FSA funds on eligible expenses, you end up saving about 30 cents on every dollar you spend. 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. A grace period, when you can keep spending FSA money up to 2 months past the end of the plan year. Click on Make an HSA Withdrawal. Please make sure to remember your PIN, as you wont receive a confirmation of it. Pre-qualified offers are not binding. The PayFlex Card is your account debit card. In those cases, you might want to add more. 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. You can find this form in. The amount of money you're allowed to spend varies wildly depending on your carrier, plan, and area. Generally, funds left in an FSA at the end of the year are forfeited This is the FSA use-it-or-lose-it rule. Check out the list of common eligible health care expenses. To get started, view your alerts. If so, you can use the card to pay for eligible expenses at qualified merchants. To get your money faster, link your bank account (set up direct deposit) After logging in, go to . If your SSN is not accepted, you may need to enter the last four digits of your Employee ID number. You can contribute up to $2,550 to your FSA this year, so you could have a lot of unused money to spend. If you have a TexFlex FSA, you can set up your online account. Click Continue. (1-844-729-3539) (TTY: 711), Monday through Friday, 7 AM to 7 PM (CT) In order for your card to work, the merchants and providers must accept Mastercard. Two options for that extra cash. You'll be able to research the mutual funds available to you and make informed choices. If massage therapy services are prescribed by your physician then you can use your FSA account to pay for these services. 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. Note: If you have multiple accounts, select your Health Savings Account from the drop-down menu at the top of the page. If you dont have enough funds in your account, you PayFlex Card will be denied. Tap your PayPal balance. Fuel is eligible for transportation to and from medical care, up to the allowed mileage rate. Request an HSA Visa debit card for yourself or any dependent on your account, age 18 or older. This means your contribution comes out of your paycheck before Federal, Social Security and in some cases, state taxes are deducted from your pay. With PayFlex, you have the tools, services, and support to make the best decisions for your health and financial well-being. Get it today from the App Store or Google Play. Be sure to review your plan to find out exactly whats eligible. Be sure to check your plan to see which accounts are offered. 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. 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). Your card is good for five years as long as youre a PayFlex member. 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. 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. It must show: Generally, we wont ask you to send information for your prescriptions. This is a good process with any account transfer, the company receiving the money has the incentive to make things go smoothly. Your account balance may not cover the expense. Your tax rate is 25%. How Do I Withdraw Money From My PayFlex HSA? The IRS has a list of approved medical expenses you can check out for more details. Enter the spouse or dependent name and click Submit. Once you receive dental treatment, pay the bill with the PayFlex Card, your account debit card. We know that enrolling in health insurance can be challenging. To withdraw money from PayPal, you'll have to log in to your account and link a debit card or bank account. Frequently asked questions How does the card work? How do I transfer money from my PayFlex card to my bank account? 9. Read more. 1. A $10 fee is charged for replacing a lost or stolen card. Edit your payflex claim form online. This, in turn, may help lower your taxable income. If you need a card for your spouse or dependent, you can order one through the PayFlex member website at no cost. The merchant may not be able to accept health care cards. If youre worried about identity theft after cancelling your card, you can use Mastercards Identity Theft Resolution Services at no cost. Fill out a withdrawal slip indicating the amount you would like to withdrawal from your savings account. How do I transfer money from my PayFlex card to my bank account? Employees can use it to pay for their health care expenses. Yes. A health care FSA helps you pay for eligible out-of-pocket medical, dental, vision, hearing and prescription drug expenses for you, your spouse and your tax dependents. Under Quick Links, click Manage My Debit Card(s). If you are still covered by a qualifying high-deductible health plan, you can continue to contribute as well. You can use your FSA funds for over-the-counter (OTC) items, supplies, drugs and medicines (if theyre considered eligible under your plan). An HSA withdrawal is the last tax perk in the string of three tax advantages offered through this account. . An HSA is similar to an individual retirement account (IRA) or 401(k). Choosing the right health plan can be easier than you might think. Here is a list of our partners. A standard transfer is free and can take between 1 and 3 business days. For full refunds, the refund amount will be equal to the sum of instalments paid to date. This can happen when the amount you paid doesnt match your copay amount or you paid an estimated or pending amount. Click on Trouble logging in? These include deductibles, coinsurance, co-pays, and over-the-counter (OTC) items. If your health plan is covering part of the expense, you may want to wait to use the card until you know how much you owe. First, personal HSA contributions using after-tax money may be federal income tax-deductible. Its quite simple, really. When you contribute to your HSA with the money you save from your lower premiums, you give yourself tax-free dollars. 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 could be medical, vision, dental, prescriptions, plus over-the-counter stuff like pain relievers or cold and flu medicine. With the PayFlex Mobile app, you can access your account anytime, anywhere. Swipe your way to smart savings. Then select File Claim to get started. This card is what you'll use to pay for eligible healthcare expenses. 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. Your election amount is simply deposited into your account and available on your card. Many or all of the products featured here are from our partners who compensate us. Draw your signature, type it, upload its image, or use your mobile device as a signature pad. In 2011, Aetna acquired PayFlex to support its existing consumer-directed product offerings. FSAs are set up by an employer in a cafeteria plan, where your employer provides certain benefits on a pretax basis. If you're a new user, click Create Your Profile. Under Quick Links, click Manage My Debit Card(s). Whether your ATM withdrawal limit is a few hundred bucks or a few thousand dollars, it could be an inconvenience if you need cash quick and have hit your max.