Dont have the card? If your expense didnt go through your medical or dental plan, you can send an itemized receipt or statement for the expense. Flexible Spending Arrangements (FSAs) are tax-free, "use it or lose it" savings accounts for medical and certain non-medical expenses. Most people listen to videos like these on mute so I wasn't expecting you. 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. To get your money faster, link your bank account (set up direct deposit) After logging in, go to . There is a daily transfer limit of $2,500 to safeguard against fraudulent activity. Your plan will determine this. You can enroll in a Limited Purpose FSA if you have a Health Savings Account (HSA). Medical spending includes expenses for hearing, vision and dental health, even if you dont have insurance for those. Click . This could be medical, vision, dental, prescriptions, plus over-the-counter stuff like pain relievers or cold and flu medicine. You can use your HSA account for a lot more than you think. Then withdraw funds from your FSA to pay yourself back and have your payment deposited. Pay with your PayFlex Card When you use it, your expense is automatically paid from your account. Health savings accounts Withdrawals are tax-free for qualifying medical expenses. 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. You could check your balance and ask the merchant to charge your card just for the amount that you have available. 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. Fuel is eligible for transportation to and from medical care, up to the allowed mileage rate. So when you use your FSA funds on eligible expenses, you end up saving about 30 cents on every dollar you spend. Frequently asked questions . It helps you save on everyday items like contact lenses, sunscreen and bandages. Download the app today from your mobile device's app store. This is the FSA use-it-or-lose-it rule. Where can you withdraw money from your EBT card for free? That's why we developed the PayFlex mobile app so you can have all your account information in the palm of your hand. 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. Fill out a withdrawal slip indicating the amount you would like to withdrawal from your savings account. You should check your plan to know how much you can contribute. Request an HSA Visa debit card for yourself or any dependent on your account, age 18 or older. 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 This card is what you'll use to pay for eligible healthcare expenses. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion directly. Each FSA has its own contribution limit, which is set by the Internal Revenue Service (IRS). How Do I Withdraw Money From My PayFlex HSA? Click on Order a Dependent Card. Fuel is eligible for transportation to and from medical care, up to the allowed mileage rate. %%EOF The merchant may not be able to accept health care cards. 4. 1. With the PayFlex Mobile app, you can access your account anytime, anywhere. Employees must re-enroll in the FSA program . And with PayFlex, you'll have the tools, services, and support to make the right decisions for your health and financial well-being. endstream endobj startxref This lets you withdraw funds from your HSA and deposit them into your linked bank account. Can I transfer money from my PayFlex to my bank account? Be sure to review your plan to find out exactly whats eligible. 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). You already know how a PayFlex health savings account, HSA, is a great way to save for health care expenses. Some plans include a debit card so you can easily pay from your FSA at the time of service. This information may be different than what you see when you visit a financial institution, service provider or specific products site. If you have a TexFlex FSA, you can set up your online account. Click Continue. How much money can you roll over in an HSA? What Is The Difference Between An HRA And A Qsehra? And if you haven't set up your online account with PayFlex yet, go to payflex.com to get started. So, you could save about 30 cents on every dollar you spend on eligible expenses. You dont need to use your card for all eligible expenses. To learn what's allowed, visit an online FSA store that sells only FSA-eligible items, like FSAstore. Click on the Financial Center. Contact our accountable and empathetic service . 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. PayFlex Card. Then enter your card number followed by the # sign. A Limited Purpose FSA can help you save your HSA funds for the future. This, in turn, may help lower your taxable income. But did you know you can invest your funds to save even more? The main benefit of an FSA is that the money you contribute is deducted from your pay on a pretax basis. 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 tax rate is 25%. Since youre setting aside money before taxes, it can help reduce your taxable income, increase your take-home pay and improve your finances overall. Go to your bank if you do not have a checking account that is linked to your savings account. This is different from a . If your expense didnt go through your medical or dental plan, you can send an itemized receipt or statement for the expense. Your ID number is your Social Security number. You can use your card at qualified merchants where Mastercard is accepted, and where merchants can process 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). What Happens If I DonT Pay National Insurance Contributions? When you report that $100, it will be taxed at 25% and you will only get $75 on your tax return. If you have an HSA, you can use the card for eligible expenses that you incur after your HSA is opened. b'b'NNB7t/ydVh%^\J7qs#y*uV^x;J1;HQ:;:z\TEU!. 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. We don't want anyone else flexing their Payflex muscles using your card. So when you select an HDHP, youre already saving. Our system will automatically confirm if you have enough funds available. This change only applies to OTC drugs and medicines you paid for after December 31, 2019. You can always use another form of payment for your expenses and submit a claim to pay yourself back. Whats The Difference Between Class 2 And Class 3 NI Contributions? Thats right this is the only tax- free financial account where you can gain interest and save money while spending on qualified health expenses. 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? If the cash is used to pay for ineligible purchases, it must be reported when youre filing your taxes. You can only use the card to pay for eligible expenses. 1-844-PAYFLEX Enter your claim details, take a picture of your itemized receipt, statement or Explanation of Benefits and submit. An HSA is similar to an individual retirement account (IRA) or 401(k). The funds roll over year to year, and the account earns interest too. If massage therapy services are prescribed by your physician then you can use your FSA account to pay for these services. 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. If you receive a new card, call the number listed on the activation label. At age 65, you can withdraw your HSA funds for non-qualified expenses at any time although they are subject to regular income tax. For 2023, the health care FSA and limited purpose FSA contribution limit is $3,050. For 2022 I had an HSA account (effective 1/1/22) but didn't receive my card until March of 2022. You can do this online, through the PayFlex Mobile app, or complete a paper claim form and fax or mail it to us. There's no fee in anyone with a PayFlex account can use it. Its a no-touch payment thats fast, easy and secure. 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. When you contribute to an FSA, that money is deducted from your pay on a pretax basis. 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. While your card is suspended, you cant use it for that account. You'll only need to enter the last 4 digits. It's simple and lets you manage your money from your phone. And PayFlex makes investing easy with a choice of funds and the facts you need, right on the website. We're sorry. Within the PayFlex member website, you can view your account balance, open an investment account or review recent transactions and activity. 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. However, you should keep all your itemized receipts, statements and Explanations of Benefits (EOBs). Your FSA coverage may end on your last day of work or it may end at the end of that month. Limited Purpose FSA While you cant have any back, there are two cases where you may get a little extra time to spend your FSA cash: A rollover option, where you can move up to $500 to next years balance. Pre-qualified offers are not binding. Contribute - Estimate the amount you expect to spend during the plan year on eligible out-of-pocket expenses. How long will an HSA transfer take? Generally, Federal taxes range from 15% to 28% and Social Security taxes is currently 7.65% of your pay. Note: If you have multiple Flexible spending arrangements (FSAs) can help you spend less on health care, but only if you use yours correctly by spending all the money in it before a year-end deadline. 11819 Miami St STE 200. Typically, you must spend the money in your FSA by the end of the plan year. It must include the date(s) of service. I was charged one fee by PayFlex which was reimbursed by fidelity. 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. Sometimes, depending on your bank's clearing process, it may take 3-5 . If you have questions about your FSA after you enroll, you may call Member Services at 02. Once you finish these steps, your card will be activated. Generally, we send a request for documentation when were unable to verify if one or more of your card purchases is eligible. To confirm your PIN, re-enter your four digits. You can spend your FSA money on medical expenses for your spouse, children or any other qualifying dependent you claim on your taxes. Now its easier than ever to manage your PayFlex account on the go. If you already have a PayFlex Card and you re-enroll in a limited purpose FSA for the 2022/2023 plan year - you can use the same card. After that, you may be able to use your account for any eligible healthcare expenses. Follow the instructions. Choosing the right health plan can be easier than you might think. No. Under no circumstances can your boss give the money back to you directly. Lacie Glover is an insurance editor and writer and a NerdWallet authority on insurance. These merchants include doctors offices, hospitals, pharmacies and hearing and vision care centers. If your issue is account related, you can get help via your online account. Call the number on the card to activate it. Many or all of the products featured here are from our partners who compensate us. This is an IRS rule. You can also use it to pay for medical, dental and vision bills, including telehealth and COVID-19 treatment. FSAs can help you save money because you contribute to the account from your paycheck before federal taxes. 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. You can use your card at qualified merchants where Mastercard is accepted, and where merchants can process health care cards. Out-of-pocket expenses are those not covered by insurance or any other plan. Dependent Care FSA 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, this does not influence our evaluations. Note: If you have multiple accounts, select your Health Savings Account from the drop-down menu at the top of the page. Go to Account Settings. Pay with your PayFlex Card When you use it, your expense is automatically paid from your account. Check out some of the frequently asked questions below. If you enroll in a qualified HDHP and meet other IRS criteria, you may open and contribute to an HSA. If you decide to send funds to yourself, you can choose to transfer the funds to your bank account (if youve linked an account) or request a check. Important News. How do I find my PayFlex member ID number? 6. 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. With most flexible spending accounts, funds are available on the first day of the plan year. All financial products, shopping products and services are presented without warranty. While your card is suspended, you cant use it for that account. 1 Second, spending your HSA money on qualified medical expenses is free of federal . There may be times when we ask you to show that a card purchase is eligible. A limited Purpose FSA can help you pay dental and vision expenses before you meet your deductible. 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. Plus, an HSA is a triple tax advantage account, which means that contributions, earnings, and withdrawals for eligible expenses are tax-free. You can use your PayFlex Card to pay for eligible health care products and services. A dependent care FSA can help pay for services like daycare, preschool, and elder care. Funds in your account roll over from year to year. No, you can use funds only for the purpose for which the election was initially made. Even using the money on things you wouldnt have thought of is better than losing it, so pat yourself on the back for being a savvy consumer. Your employer may set a lower limit. Add your card to your digital wallet for an even more convenient way to pay. 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. The card wont work at an ATM And you cant get cash back with your card. Check your card's expiration date Your card is valid for five years, as long as you're an active member. Yes. 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. You can enable push notifications to receive automated alerts about your account activity. You can register easily with the PayFlex member website where you can learn about your account, calculate eligible expenses, and more. Click on the Financial Center. Check out the list of common eligible health care expenses. The average benefit is about $500 per year, and in the current advertisement, everyone asks about a $2,880 Medicare Flex Card. You can also use your card at some discount and grocery stores.