But did you know you can invest your funds to save even more? No problem. The number is on the back of your PayFlex Card. This lets you withdraw funds from your HSA and deposit them into your linked bank account. A $10 fee is charged for replacing a lost or stolen card. If you leave a job with money remaining in your FSA and you're eligible to elect COBRA, you'll have an opportunity to continue to make your regular FSA contributions. To confirm your PIN, re-enter your four digits. Instant access to your money The PayFlex Card helps make it easier for you to spend the money in your tax-advantaged account. The PayFlex Card is your account debit card. Your health savings account, or HSA, is a smart money management tool that lets you set aside money tax-free to pay for eligible expenses such as your medical plan deductibles and co-insurance, prescriptions, even some over-the-counter stuff, like first aid and pain relievers, vision and dental care, and so on. When evaluating offers, please review the financial institutions Terms and Conditions. Here is a list of our partners and here's how we make money. Many transfers between accounts can happen immediately. It's free and doesn't require cash or fees. Select Bank accounts. Here is a list of our partners. Medicines and drugs from other countries. By the time we get to the health savings account (HSA . In a Nutshell. You can use your FSA debit card only to cover eligible expenses specified by your plan. What Happens If I DonT Pay National Insurance Contributions? If your health plan is covering part of the expense, wait to use the card until you know how much you owe. Out-of-pocket expenses are those not covered by insurance or any other plan. When you contribute to your HSA, your funds are placed in an FDIC insured account that earns interest and grows tax free. Click on Make an HSA Withdrawal. It may take 25 weeks or, in some cases, more, depending on how quickly your current HSA provider responds. View account . Contact us So, the question of withdrawal fees is redundant in this case. Manage your investment account - you can check the balance, see a summary of your fund performance, update your cash threshold, make changes to your portfolio and more. You should always keep all your itemized receipts and Explanations of Benefits (EOBs). 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. This lets you withdraw funds from your HSA and deposit them into your linked bank account. How do I transfer money from my PayFlex card to my bank account? This change only applies to OTC drugs and medicines you paid for after December 31, 2019. HSAs are tax-advantaged in three ways. You'll also need your card to set up your online account. b'b'NNB7t/ydVh%^\J7qs#y*uV^x;J1;HQ:;:z\TEU!. 2. Click Continue. If the merchant or provider allows you to select debit or credit, either option will work. The money you contribute reduces your taxable salary, meaning thousands in tax savings for high-income folks. You can upload or fax your documentation to us. Get Directions. It makes the fax hard to read. 1 Second, spending your HSA money on qualified medical expenses is free of federal . Step 1: Enter the amount you want to withdraw. You can upload them to your online account or via the mobile app to verify your card purchases. Click Order a Dependent Debit Card. With the PayFlex Mobile app, you can access your account anytime, anywhere. Any travel for medical care you did this year. Aetna and PayFlex offer a debit card that covers out-of-pocket payments for in-network primary and specialty care and other medical and diagnostic services . Note: If you dont send an EOB, itemized receipt or statement with your claim, well deny it. 4. As you watch your savings grow, youll worry less about paying for your health in the future something your 401(k) will thank you for. Below are some examples. Its quite simple, really. PayFlex Withdrawal Fee. No. The mobile app allows you to stay up to date on your account too. Eligible expenses may include doctor and dentist visits, hospital stays, prescriptions, and hearing and/or vision care. You can feel good about contributing to a health care FSA. . Read on to learn more about how FSAs can benefit you! You can process multiple refunds up to the total value of the original order i.e. Pre-qualified offers are not binding. Tap your PayPal balance. You're unable to log in at this time. Once the claim is processed, PayFlex will reimburse your out-of-pocket expense by check or direct deposit to your authorized bank account. If you want to upload your documentation, it must be in PDF format. So, you could save about 30 cents on every dollar you spend on eligible expenses. Yes. Draw your signature, type it, upload its image, or use your mobile device as a signature pad. Yes. The app is supported by the following devices: iOS version 10 or above on iPhone 5S, iPad Air, iPad Mini 2 or newer models, Android version 7.0 Nougat or above on phones or tablets, View your account balance, deposits and payments, View your PayFlex Card purchases and submit documentation (if applicable), View account alerts and PayFlex contact information, Pay your health care provider directly from your HSA, Get protected access to your account information, Use the same secure username and password you use on this website. A merchant or provider may not accept Mastercard. This means you may choose credit and sign the receipt. How does the card work? When your HSA has the minimum balance amount required, you can begin to invest through a variety of four-star-rated mutual funds. you can process a partial refund It is now late February and I still have not received my Flex Spending card. Your FSA likely has one of these options for excess money in the account, but it cannot have both under IRS rules. To withdraw money from PayPal, you'll have to log in to your account and link a debit card or bank account. With most flexible spending accounts, funds are available on the first day of the plan year. Your employer may offer the PayFlex Card with your health care FSA. 02/03/2023 - 02:36 CST. Click Continue. Not sure how much you have to spend? 1. Funds that are rolled over continue to grow and earnings are tax free. Yes. When you file Form 8889 for the reimbursing year, this amount will appear . This, in turn, may help lower your taxable income. 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. Contact us If you dont respond by this date, well have to suspend your card. 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 To use your card, simply . You can avoid paying taxes by continuing to use the funds for qualified medical expenses. Funds in your account roll over from year to year. You can use your PayFlex Card to pay for eligible health care products and services. Theres more than one reason why you may not be able to use your card. Note: If you have multiple accounts, select your Health Savings Account from the drop-down menu at the top of the page. Complete a paper claim form and mail or fax it with your documentation. Enter your claim details, take a picture of your itemized receipt, statement or Explanation of Benefits and submit. You have more options than you might expect. Many or all of the products featured here are from our partners who compensate us. It depends on your plan. You should check your plan documents to confirm this. 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. Plus, an HSA is a triple tax advantage account, which means that contributions, earnings, and withdrawals for eligible expenses are tax-free. PayFlex Systems USA, Inc., Aetna, and CVS Pharmacy are part of the CVS Health family of companies. It's good for five years. Our partners compensate us. The expense may be ineligible under your plan. Identity Theft Resolution Services include: To learn more about the Identity Theft Resolution Services, call the Mastercard Assistance Center at 1-800-MC-ASSIST (1-800-622-7747). Keep in mind that some merchants may ask you to select Debit. This means youll need to enter your PIN to complete the transaction. This means your contribution comes out of your paycheck before Federal, Social Security and in some cases, state taxes are deducted from your pay. Please mail, fax or email the completed form to PayFlex The address, fax number and email address are on the bottom of the form. The merchant may not be able to accept health care cards. Submit a claim using the PayFlex Mobile app. 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. Can I withdraw money from my HSA after age 65? Select Bank accounts. Check the app and view your balance in just a couple of taps. Since youre setting aside money before taxes, it can help reduce your taxable income, increase your take-home pay and improve your finances overall. Or your plan may only allow prescription expenses. To use your card, simply swipe and select either Debit or Credit. After you swipe the card, our system automatically confirms if you have enough funds available. However, your employer sets your carryover amount. About the author: Lacie Glover is an insurance editor and writer and a NerdWallet authority on insurance. Its that easy. . You'll be able to research the mutual funds available to you and make informed choices. Go to your bank if you do not have a checking account that is linked to your savings account. Note: If you have multiple PayFlex provides Aetna clients and members with more flexibility, as well as customized, easy-to-use tools and solutions to help manage health care expenses. 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. Once you receive dental treatment, pay the bill with the PayFlex Card, your account debit card. With your pretax FSA contributions, you could save about $1,020. You can continue to use your HSA even if you lose your job. In other words, if you had spent the money on an eligible purchase (like orthotic inserts) your refund would have included the full $100. Mail: Mail your documentation to PayFlex. If you have a PayFlex Health Savings Account, HSA, you can request funds and make deposits to your HSA. After this, you'll get your personal identification number. When youre ready to pay for an eligible expense, simply provide your card for payment. 1. Note: If you have multiple accounts, select your health savings account from the drop-down menu at the top of the page. 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. 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. Therefore, your taxable income is less. It's simple and lets you manage your money from your phone. To do this, enter four digits of your choice. Pay your provider . Click on Order a Dependent Card. It must show: Generally, we wont ask you to send information for your prescriptions. PayFlex Mobile app*: Log in to the PayFlex Mobile app. 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. You can lock your TASC Card from being used with the Card Lock feature online or in the TASC app. 1-844-PAYFLEX Pay your provider You may pay your provider directly from your account. 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. 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. We believe everyone should be able to make financial decisions with confidence. Your employer may set a lower limit. Frequently asked questions . The PayFlex Card is your account debit card. What Is A Characteristic Of Preferred Provider Organizations? Share your form with others. Enjoy easy access to your money. We use cookies to ensure that we give you the best experience on our website. For 2023, the health care FSA and limited purpose FSA contribution limit is $3,050. HR cannot just refund you whatever is left in your account. Youll need to contact your Human Resources or Benefits Department to change your election. Do not sell or share my personal information. This lets you withdraw funds from your HSA and deposit them into your linked bank account. 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. 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. This information may be different than what you see when you visit a financial institution, service provider or specific products site. You dont need to use your card for all eligible expenses. 1-844-PAYFLEX 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. However, you can still pay for eligible expenses out of pocket and submit a claim to pay yourself back. Step 1: Enter the amount you want to withdraw. Complete a paper claim form and mail or fax with your documentation. All financial products, shopping products and services are presented without warranty. Anyone with a PayFlex account can use it for free*. 51 0 obj <>stream Fastest Paying PayFlex Casinos in 2023 Important News. Now its easier than ever to manage your PayFlex account on the go. Call us as soon as possible to report a lost or stolen card. Please consult a tax advisor if you have any questions prior to completing this form. You cannot roll over HSA funds into a 401(k) You also cannot roll over 401(k) money into an HSA. . Account Settings (at the top of the page) and click . If you select debit, youll need to enter a Personal Identification Number (PIN). Account . It helps make it easier for you to spend the money in your PayFlex account. To get your money faster, link your bank account (set up direct deposit) After logging in, go to . If you have an HSA, you can use the card for eligible expenses that you incur after your HSA is opened. Log in to the app and select the Financial Center. I was never charged an account closure fee (or if I was, I . The IRS has a list of approved medical expenses you can check out for more details. You can use your card at qualified merchants where Mastercard is accepted, and where merchants can process health care cards. Plus, youll be prepared when you need to pay for health care expenses during the year. If you need a card for your spouse or dependent, you can order one through the PayFlex member website at no cost. I signed up in October for an effective date of 1/1/23. Your FSA election remains in place for the plan year. Funds in your account roll over from year to year. Medical spending includes expenses for hearing, vision and dental health, even if you dont have insurance for those. You can enable push notifications to receive automated alerts about your account activity. 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. You have options with a health care FSA. 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. Yes. Remember: If you use your personal credit card rather than the PayFlex Card, please keep your printed receipt(s) and submit online via Express Claims. Question about your benefits? 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. 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. You can spend your FSA money on medical expenses for your spouse, children or any other qualifying dependent you claim on your taxes. For example, your card might not work if you try to use it at a supermarket or convenience store If you cant run a transaction using your HSA card, you will have to submit your expenses for reimbursement after the fact. 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. You can always use another form of payment for your expenses and submit a claim to pay yourself back. This can happen when the amount you paid doesnt match your copay amount or you paid an estimated or pending amount. hb```f``ZX @ ](Q,,I@Z "L2j ^S;6b]#"`0LR0+40X. 0 Her work has been featured by USA Today, U.S. News and World Report and The Associated Press. A high-deductible health plan can be combined with a Health Savings Account (HSA). You can use this card to pay for certain eligible expenses. In many FSAs with an extension option, the deadline to use the money is the same as the deadline to submit claims to the FSA broker for the year. Expense is automatically deducted The main benefit of an FSA is that the money you contribute is deducted from your pay on a pretax basis. Fuel, gasoline for medical care reimbursement is eligible with a flexible spending account (FSA), health savings account (HSA) or a health reimbursement arrangement (HRA). **. There's no fee in anyone with a PayFlex account can use it. Fax or mail your claim to PayFlex . Employers are also allowed to give unused money back to workers -- but there's a catch. This can be done on its website or through the PayPal app. To create or change your PIN, call 1-888-999-0121. App Store is a service mark of Apple, Inc. Android, Google Play and the Google Play logo are trademarks of Google LLC. Cards must be run as credit (card may be declined if run as debit) and no personal identification number (PIN) is required Once activated, use it like a regular credit card to pay for your plan-allowed medical expenses (for HSA and FSA plans, see our article on qualified medical expenses). You could check your balance and ask the merchant to charge your card just for the amount that you have available. 9. For dependent care expenses, the dependent care provider must sign the claim form or provide an itemized receipt. 7:00 AM - 7:00 PM. Limited Purpose FSA 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. FSAs are set up by an employer in a cafeteria plan, where your employer provides certain benefits on a pretax basis. No, you can use funds only for the purpose for which the election was initially made. Eligible expenses may include doctor and dentist visits, hospital stays, prescriptions, and hearing and/or vision care. When you contribute to your HSA with the money you save from your lower premiums, you give yourself tax-free dollars. You may be charged $2 to $5 every ATM withdrawal with your prepaid card. Go to Account Settings. It must show: For prescriptions, send your detailed receipt that includes the pharmacy name, patient name, prescription name, date the prescription was filled and amount you paid. Saturday, 9 AM to 2 PM (CT). *Standard text messaging and other rates from your wireless carrier still apply. It's like a retirement or college savings account built just for health care expenses, and we provide specialized tools that let you select and manage your investments online. 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. Submit a claim online. With PayFlex, you have the tools, services, and support to make the best decisions for your health and financial well-being. If you have an HSA through your employer, you can make pre-tax payroll contributionsthis type of contribution saves more on taxes than tax-deductible after-tax contributions. To use your card, simply swipe and select either "Debit" or . In order for your card to work, the merchants and providers must accept Mastercard. This is a good process with any account transfer, the company receiving the money has the incentive to make things go smoothly. How to avoid cash withdrawal fees. For . We know that enrolling in health insurance can be challenging. While your card is suspended, you cant use it for that account. FSAs can help you save money because you contribute to the account from your paycheck before federal taxes. Use Text Banking (if you have this feature set up). You'll only need to enter the last 4 digits. A dependent care FSA can help pay for services like daycare, preschool, and elder care. It is similar to a debit card since it electronically accesses the money loaded onto the card, when used to pay for eligible expenses. You may be able to use your PayFlex Card to pay for OTC items, supplies, drugs and medicines, if theyre considered eligible under your plan. You can deposit funds into your HSA or request funds from your HSA. And employers get to decide whether or not to allow pre-tax . If you have a TexFlex FSA, you can set up your online account. If you have questions about your FSA after you enroll, you may call Member Services at Still, the issue isnt uncommon, according to Auerbach, who says his firm sees a lot of FSA activity at the end of each year. Fuel is eligible for transportation to and from medical care, up to the allowed mileage rate. You can register easily with the PayFlex member website where you can learn about your account, calculate eligible expenses, and more. Also PayFlex makes you keep $1K in cash while fidelity lets you invest 100% of your account value. You can also pay for deductibles, co-pays, and co-insurance. Pay with your PayFlex Card When you use it, your expense is automatically paid from your account. PayFlex is the administrator of the TexFlex Flexible Spending Accounts. When you contribute to your HSA with the money you save from your lower premiums, you give yourself tax-free dollars. If massage therapy services are prescribed by your physician then you can use your FSA account to pay for these services.