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. A limited Purpose FSA can help you pay dental and vision expenses before you meet your deductible. Don't mark up the document with a highlighter. This gives you more time to submit claims for eligible expenses that you incurred during the plan year. If you wish to set up a Personal Identification Number (PIN), call 1-866-898-9795. Pay with your PayFlex Card When you use it, your expense is automatically paid from your account. Its a fast, easy and secure way to pay. 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. It's free and doesn't require cash or fees. If youre unable to use your card, you can use another form of payment. They can assist you with the process of restoring your identity. And you cant get cash back with your card. 3. Youll then enter the last four digits of your Social Security number (SSN). About the author: Lacie Glover is an insurance editor and writer and a NerdWallet authority on insurance. PayFlex is the administrator of the TexFlex Flexible Spending Accounts. You can also use it to pay for medical, dental and vision bills, including telehealth and COVID-19 treatment. Your employer may offer the PayFlex Card with your health care FSA. While your card is suspended, you cant use it for that account. 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). Not sure how much you have to spend? At PayFlex, were here to help you make a smart choice for your overall well-being. Theres no fee to download the app. 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purchases and later replace the money in your HSA account, you may be subject to tax penalties on the ineligible amount withdrawn when filing your taxes.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. hb```f``ZX @ ](Q,,I@Z "L2j ^S;6b]#"`0LR0+40X. Your account balance may not cover the expense. There's no fee in anyone with a PayFlex account can use it. This may include doctor and dental offices, hospitals, pharmacies, and hearing and vision care centers. All financial products, shopping products and services are presented without warranty. The PayFlex Card helps make it simple for you to pay for your eligible expenses. Here are all the ways you can get in touch with us. You can only use the card to pay for eligible expenses. Where can you withdraw money from your EBT card for free? Or your plan may only allow prescription expenses. However, your plan may have a grace period or carryover feature, which can help reduce forfeitures. Once your account hits the minimum required balance for investments, you can start investing your money. Click on Order a Dependent Debit Card. But with a little extra planning, you might be able to find a workaround to get the money . Your employer may offer a PayFlex Card, AKA your account debit card. Lacie Glover is an insurance editor and writer and a NerdWallet authority on insurance. HSA vs. FSA: Differences and How to Choose. Your employer will let you know how and when to submit claims. You can use your HSA account for a lot more than you think. How to avoid cash withdrawal fees. You can only use the card at merchants and providers that accept Mastercard and health care cards. Payment happens right away if you have funds in your health savings account (HSA), flexible spending account (FSA) or health reimbursement arrangement (HRA). If the cash is used to pay for ineligible purchases, it must be reported when youre filing your taxes. Pre-qualified offers are not binding. The expense may be ineligible under your plan. Check the app and view your balance in just a couple of taps. If you want to upload your documentation, it must be in PDF format. You have two ways to . You can find this form in. If your expense didnt go through your medical or dental plan, you can send an itemized receipt or statement for the expense. These expenses are so that you and, if married, your spouse can work, look for work or attend school full-time. Theyre different from health savings accounts, or HSAs, in that the money can be spent only in the calendar year its contributed. After you log in to the app, select Manage to get started. Walmart doesnt currently accept HSA cards as a payment method , though, so customers who buy items from its HSA Shop use a credit or debit card and then submit an order receipt to their plan administrator for reimbursement. Employees can use it to pay for their health care expenses. Well, PayFlex is designed with shoppers in mind. These include day care, before and after school programs, nursery school or preschool, summer day camp and adult day care. Any travel for medical care you did this year. 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. Re: Moving HSA Advice: from PayFlex to Fidelity Fidelity has no fees Contact only Fidelity, they will step you through the process. 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. 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. Dont have the card? A dependent care FSA can help pay for services like daycare, preschool, and elder care. The PayFlex Card is your account debit card. For a full list of whats eligible, go to www.payflex.com. Also PayFlex makes you keep $1K in cash while fidelity lets you invest 100% of your account value. Here is a list of our partners. 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. It's good for five years. Then select File Claim to get started. This can be done on its website or through the PayPal app. You can feel good about contributing to a health care FSA. Some employers give you more time to spend your funds or let you carry over unused funds to the next plan year. 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. Youll be asked to enter your card number, the three-digit security code (located on the back of your card) and your five-digit zip code. Simply swipe and select either debit or credit at the time of purchase. However, there is no tax penalty to make withdrawals to cover qualified medical 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. When you file Form 8889 for the reimbursing year, this amount will appear . Generally, funds left in an FSA at the end of the year are forfeited This is the FSA use-it-or-lose-it rule. The current contribution limits are $3,850 for individuals, $7,750 for families. No. You should check your plan to know how much you can contribute. Can I withdraw money from PayFlex? Important News. Click Continue. "t;#/~0 , You can also pay for deductibles, co-pays, and co-insurance. When youre ready to pay for an eligible expense, simply provide your card for payment. Now its easier than ever to manage your PayFlex account on the go. He holds a Bachelor of Arts in communications and a Master of Arts in anthropology. You'll use your card to pay for eligible expenses like office visits, deductibles, copays and coinsurance, prescriptions and certain over-the-counter items. Your plan will determine this. The card wont work at an ATM And you cant get cash back with your card. Yes. When your HSA has the minimum balance amount required, you can begin to invest through a variety of four-star-rated mutual funds. hbbd``b` $; Hpi VM)X$@8 & I was never charged an account closure fee (or if I was, I . Verify your PayFlex Card purchases If you're asked to verify your card purchase is an eligible expense, you can take action online. Click . What Is The Difference Between An HRA And A Qsehra? PayFlex Card. First, personal HSA contributions using after-tax money may be federal income tax-deductible. You can use this card to pay for certain eligible expenses. Select the "cash withdrawal" or "cash advance" option. You can register easily with the PayFlex member website where you can learn about your account, calculate eligible expenses, and more. Money set aside in these accounts will reduce your taxable income, providing you with more value for the dollar. 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. See why thousands of members are giving the enhanced mobile app* a "thumbs-up." A healthcare FSA lets you use pre-tax dollars which you contribute to pay for eligible healthcare expenses that aren't covered by your health plan. An Aetna Health Fund Health Savings Account* works like a bank account. You can receive tax-free distributions from your HSA to pay or be reimbursed for qualified medical expenses you incur after you establish the HSA. . Note: If you have multiple accounts, select your health savings account from the drop-down menu at the top of the page. SAM. Some plans include a debit card so you can easily pay from your FSA at the time of service. Lets begin with a high-deductible health plan HDHP for short. If you're overwhelmed by high-interest debt (think 8% or higher), taking out a 401 (k) loan could make sense. Note: If you have multiple accounts, select your health savings account from the drop-down menu at the top of the page. You also need to notify us of any suspected fraud within 10 days. Using your smartphone you can simply scan an item's barcode to see instantly if it's eligible. It is now late February and I still have not received my Flex Spending card. Then you would pay the balance with another form of payment. The Standard transfer typically completes in 1 working day. For this reason, we ask that you please contact your employer or on-site administrator before contacting Paychex. Click Continue. You'll need it to set up your online account. A high-deductible health plan comes with a lower premium, meaning less money will come out of your paycheck for coverage. Click on Order a Dependent Card. You can use the card to pay for eligible expenses. Account Settings (at the top of the page) and click . If you have a PayFlex HSA, you can transfer funds through the app. Submit a claim using the PayFlex Mobile app. Still, the issue isnt uncommon, according to Auerbach, who says his firm sees a lot of FSA activity at the end of each year. Call Card Services at 1-888-999-0121. 2023 PayFlex Systems USA, Inc. All Rights Reserved. Many banks limit the amount of money you can withdraw from an ATM on a single day. Click on Make an HSA Withdrawal. Note: If you dont send an EOB, itemized receipt or statement with your claim, well deny it. How do I find my PayFlex member ID number? It includes most expenses related to medical care, with the notable exceptions of health insurance premiums and over-the-counter medication. 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. Follow the instructions. With the PayFlex Mobile app, you can access your account anytime, anywhere. Therefore, your taxable income is less. 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. If you dont have enough funds in your account, you PayFlex Card will be denied. Note: If you have multiple accounts, select your Health Savings Account from the drop-down menu at the top of the page. Funds in your account roll over from year to year. In 2011, Aetna acquired PayFlex to support its existing consumer-directed product offerings. Enter your credit card PIN. You'll also need your card to set up your online account. Any withdrawn funds used for non-medical purposes are still subject to income taxes. . What can you use PayFlex for? When you contribute to your HSA, your funds are placed in an FDIC insured account that earns interest and grows tax free. Then use it for a no-touch payment. 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. Dependent Care FSA All you need to do is select your eligible item, swipe Contact us Q: Can I use my FSA or HSA cards on Amazon? When you contribute to an FSA, that money is deducted from your pay on a pretax basis. 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. The Instalment Plan is automatically adjusted by the Payflex Platform by applying the refund amount to the last instalment first and working backwards to the other instalments. Then enter your card number followed by the # sign. Here are a few of the ways we make your security our priority: Give us a call. How Do I Withdraw Money From My PayFlex HSA? 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. Or you can simply pay with cash, check or credit card, and then submit a claim to pay yourself back.