App Store is a service mark of Apple, Inc. Android, Google Play and the Google Play logo are trademarks of Google LLC. UAH employees can take advantage of flexible spending accounts (FSAs), which are pretax reimbursement accounts administered by PayFlex for eligible medical and dependent care expenses. Don't mark up the document with a highlighter. 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 also use your card at some discount and grocery stores. Is Covered California The Same As Health Net? If you enroll in a qualified HDHP and meet other IRS criteria, you may open and contribute to an HSA. Once you finish these steps, your card will be activated. A limited Purpose FSA can help you pay dental and vision expenses before you meet your deductible. I signed up in October for an effective date of 1/1/23. Many banks limit the amount of money you can withdraw from an ATM on a single day. 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 always use another form of payment for your expenses and submit a claim to pay yourself back. 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. Then select File Claim to get started. The IRS has a list of approved medical expenses you can check out for more details. Simply choose your eligible expense item and use your card to pay from your PayFlex account. FSAs can help you save money because you contribute to the account from your paycheck before federal taxes. Since youre setting aside money before taxes, it can help reduce your taxable income, increase your take-home pay and improve your finances overall. 3. You can lock your TASC Card from being used with the Card Lock feature online or in the TASC app. 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 . Order an additional PayFlex Card for your spouse or dependent After logging in, click on Account Settings and then select PayFlex Card. However, you should keep all your itemized receipts, statements and Explanations of Benefits (EOBs). Frequently asked questions . Check out some of the frequently asked questions below. card. This may include doctor and dental offices, hospitals, pharmacies, and hearing and vision care centers. These limits are subject to change annually. And if you haven't set up your online account with PayFlex yet, go to payflex.com to get started. Yes. 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. This, in turn, may help lower your taxable income. Below are some examples. Check out the list of common eligible health care expenses. Enter the irst and last name of your spouse or dependent Submit. If you dont respond by that date, well have to suspend your card. By the time we get to the health savings account (HSA . Eligible expenses may include doctor and dentist visits, hospital stays, prescriptions, and hearing and/or vision care. It's free and doesn't require cash or fees. To get started, view your alerts. 39 0 obj <>/Filter/FlateDecode/ID[<3EC4ADDF315B47999FAB81CA5F9841E0>]/Index[20 32]/Info 19 0 R/Length 86/Prev 96267/Root 21 0 R/Size 52/Type/XRef/W[1 2 1]>>stream To withdraw money from PayPal, you'll have to log in to your account and link a debit card or bank account. Also PayFlex makes you keep $1K in cash while fidelity lets you invest 100% of your account value. How to avoid cash withdrawal fees. Save - Your FSA contributions are tax-free. Typically, you must spend the money in your FSA by the end of the plan year. For full refunds, the refund amount will be equal to the sum of instalments paid to date. Complete a paper claim form and mail or fax it with your documentation. Some employers may also offer the PayFlex Card with a dependent care FSA. 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). A $10 fee is charged for replacing a lost or stolen card. This means, if you and your spouse are eligible to participate in a health care FSA, you may each contribute to your own FSA, up to this limit. Youll want to provide the documentation or payment as soon as possible. NerdWallet strives to keep its information accurate and up to date. The PayFlex Card is your account debit card. Click on Make an HSA Withdrawal. The main benefit of an FSA is that the money you contribute is deducted from your pay on a pretax basis. Limited Purpose FSA At age 65, you can withdraw your HSA funds for non-qualified expenses at any time although they are subject to regular income tax. NerdWallet Compare, Inc. NMLS ID# 1617539, NMLS Consumer Access|Licenses and Disclosures, California: California Finance Lender loans arranged pursuant to Department of Financial Protection and Innovation Finance Lenders License #60DBO-74812, Property and Casualty insurance services offered through NerdWallet Insurance Services, Inc. (CA resident license no. Therefore, your taxable income is less. How long will an HSA transfer take? FSAs are set up by an employer in a cafeteria plan, where your employer provides certain benefits on a pretax basis. Click on Make an HSA Withdrawal. HSA funds cant be rolled over into an IRA account Theres also no reason to do so, because you preserve your right to use the funds tax-free for medical costs at any time with an HSA. . If your expense went through your medical or dental plan, youll need to send an Explanation of Benefits (EOB) from your plan. So, when you use your FSA funds, its like youre saving about 30 cents on every dollar you spend. Note: If you have multiple Employees must re-enroll in the FSA program . Do not sell or share my personal information. Here are a few of the ways we make your security our priority: Give us a call. While there are no minimum contribution or balance requirements, the federal government does set limits on how much can be contributed each year. You're taking a loan to pay off high-interest debt. Still, the issue isnt uncommon, according to Auerbach, who says his firm sees a lot of FSA activity at the end of each year. To do this, enter four digits of your choice. HSAs are tax-advantaged in three ways. If you wish to set up a Personal Identification Number (PIN), call 1-866-898-9795. Your FSA election remains in place for the plan year. You can also call Customer Care at 1-800-422-4661. Step 1: Enter the amount you want to withdraw. You can use your HSA account for a lot more than you think. 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). And if you're over the age of 55, you can make a catch-up contribution of $1,000. This lets you withdraw funds from your HSA and deposit them into your linked bank account. 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. Here are all the ways you can get in touch with us. 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. Thats money you can spend on other things you might need. Link your bank account to transfer funds You can link one or more bank accounts to your HSA to easily transfer funds to and from your HSA. In those cases, you might want to add more. Simply swipe and select either debit or credit at the time of purchase. Aetna 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. Most FSA plans come with a debit card you can use for qualified expenses, but if yours doesnt, pay close attention to your claims window. These expenses are so that you and, if married, your spouse can work, look for work or attend school full-time. Or you can simply pay out of pocket and then submit a claim to pay yourself back. While your card is suspended, you cant use it for that account. Then enter your card number followed by the # sign. Youll then enter the last four digits of your Social Security number (SSN). 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. Swipe your way to smart savings. You wont have to submit a claim for your PayFlex Card expenses or wait for reimbursement. 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. Your card is good for five years as long as youre a PayFlex member. Now let's get you up to speed on flexible spending accounts. And employers get to decide whether or not to allow pre-tax . You may also use your card at some discount and grocery stores. For a full list of whats eligible, go to www.payflex.com. Each FSA has its own contribution limit, which is set by the Internal Revenue Service (IRS). You can enroll in a Limited Purpose FSA if you have a Health Savings Account (HSA). If you select debit, youll need to enter a Personal Identification Number (PIN). Medicines and drugs from other countries. Click on Order a Dependent Debit Card. 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. . Senior Assigning Editor | Los Angeles Times; University of California, San Diego; Microsoft. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion directly. The funds in an HSA can be used for general non-medical purposes, without penalty, once the employee reaches age 65 Any withdrawn funds used for non-medical purposes are still subject to income taxes. Medical spending includes expenses for hearing, vision and dental health, even if you dont have insurance for those. Your plan will determine this. Contact us 0 20 0 obj <> endobj 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. In order for your card to work, the merchants and providers must accept Mastercard. Can I transfer money from my PayFlex to my bank account? You can do this online, through the PayFlex Mobile app, or complete a paper claim form and fax or mail it to us. Visit Website. Your account balance may not cover the expense. Be sure to review your plan to determine whats eligible. You may be charged $2 to $5 every ATM withdrawal with your prepaid card. 1 Second, spending your HSA money on qualified medical expenses is free of federal . OK92033) Property & Casualty Licenses, NerdWallet | 55 Hawthorne St. - 11th Floor, San Francisco, CA 94105, How to Spend Your Extra FSA Money Before Its Gone for Good, Assigning Editor | Auto insurance, home insurance, other insurance. The Instant transfer typically takes a few minutes to complete (up to 30 minutes). You can do this online, through the PayFlex Mobile, or complete a paper claim form and fax or mail it to us. Youll need to contact your Human Resources or Benefits Department to change your election. Some employers give you more time to spend your funds or let you carry over unused funds to the next plan year. How Do I Withdraw Money From My PayFlex HSA? The app is supported by the following devices: iOS version 10 or above on iPhone 5S, iPad Air, iPad Mini 2 or newer models, Android version 7.0 Nougat or above on phones or tablets, View your account balance, deposits and payments, View your PayFlex Card purchases and submit documentation (if applicable), View account alerts and PayFlex contact information, Pay your health care provider directly from your HSA, Get protected access to your account information, Use the same secure username and password you use on this website. Click on the Financial Center. What Happens If I DonT Pay National Insurance Contributions? 1. If you're a new user, click Create Your Profile. . hZ]s8?Tu0dCaq+^v6NX`jjR$K^]IG{:$N;8r|M