You have more options than you might expect. The card itself may have restrictions on where you can spendand on what. The PayFlex Card is your account debit card. How do I find my PayFlex member ID number? An HSA withdrawal is the last tax perk in the string of three tax advantages offered through this 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). Using your card means you dont have to pay out of pocket. On the counterpoint, lets take a quick look at some of the expenses that dont qualify for payment out of your HSA , even during the coronavirus pandemic: Babysitting and childcare costs for a normal, healthy child. 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. Lets begin with a high-deductible health plan HDHP for short. Is Covered California The Same As Health Net? If you dont respond by this date, well have to suspend your card. We use cookies to ensure that we give you the best experience on our website. 9. If your FSA doesnt have a grace period or the carryover feature, you may have a run out period. A dependent care FSA helps you pay for eligible child or adult day care expenses. 02. If your employer has the Commuter Express benefit program and you have unused funds in your account, unused pre-tax funds will be forfeited to your employer before the next ordering deadline. If you dont have enough funds in your account, you PayFlex Card will be denied. Your FSA election remains in place for the plan year. However, your plan may have a grace period or carryover feature, which can help reduce forfeitures. Fuel, gasoline for medical care reimbursement is eligible with a flexible spending account (FSA), health savings account (HSA) or a health reimbursement arrangement (HRA). Just use the same username and password you use to log into your PayFlex member website. After you log in to the app, select Manage to get started. For dependent care expenses, the dependent care provider must sign the claim form or provide an itemized receipt. You can register easily with the PayFlex member website where you can learn about your account, calculate eligible expenses, and more. You, your spouse, or dependents are eligible for using the FSA for qualifying expenses. Plus, an HSA is a triple tax advantage account, which means that contributions, earnings, and withdrawals for eligible expenses are tax-free. And if you have an HSA investment account you can view your balance, fund allocations, and performances right on the app. you can process a partial refund 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. 2023 PayFlex Systems USA, Inc. All Rights Reserved. Medicines and drugs from other countries. The current contribution limits are $3,850 for individuals, $7,750 for families. You can avoid paying taxes by continuing to use the funds for qualified medical expenses. When you pull out funds from your HSA for . 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. Question about your benefits? If the merchant or provider allows you to select debit or credit, either option will work. This lets you withdraw funds from your HSA and deposit them into your linked bank account. Log in to the app and select the Financial Center. Personal care items like toilet paper and soap. If you have grown children on your health insurance plan but dont claim them as dependents, you can still spend FSA money on their medical expenses if they will be 26 at the end of the current plan year, usually Dec. 31. To see your account balance or card transactions and activity, log in to the PayFlex member website. PayFlex Systems USA, Inc., Aetna, and CVS Pharmacy are part of the CVS Health family of companies. Once its reported, its subject to an income tax and treated as though it had never been in your tax-free HSA. No. Your ID number is your Social Security number. You'll only need to enter the last 4 digits. 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. You'll also have access to our barcode scanner a tool that helps you verify if an item is an eligible healthcare expense. Frequently asked questions . This lets you withdraw funds from your HSA and deposit them into your linked bank account. You can use your HSA account for a lot more than you think. 4. Your health plan should take care of the whole you both physically and financially. 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. 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. Use it for eligible health care expenses, such as doctor and dentist visits, prescriptions, hospital stays, hearing and vision care. Check with your employer for details about your plan so you can maximize your savings. Call the number on the card to activate it. premiums and over-the-counter medication. Fuel, gasoline for medical care reimbursement is eligible with a flexible spending account (FSA), health savings account (HSA) or a health reimbursement arrangement (HRA). But if we do, send your prescription drug receipt that includes the pharmacy name, patient name, prescription name, date the prescription was filled, and the amount you paid. 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 . If your SSN is not accepted, you may need to enter the last four digits of your Employee ID number. on the log in page of the app. Call us as soon as possible to report a lost or stolen card. Eligible expenses may include doctor and dentist visits, hospital stays, prescriptions, and hearing and/or vision care. The main benefit of an FSA is that the money you contribute is deducted from your pay on a pretax basis. Submitting a claim through the PayFlex Mobile app . This reduces your taxable income. Then withdraw funds from your FSA to pay yourself back and have your payment deposited. We may ask you to submit documents later to verify your expense is eligible. This means your contribution comes out of your paycheck before Federal, Social Security and in some cases, state taxes are deducted from your pay. Health savings accounts Withdrawals are tax-free for qualifying medical expenses. Most of us probably zone out during our employer's health benefits presentation. Once you order a card, you should get it within 10 to 15 business days. Many or all of the products featured here are from our partners who compensate us. After you register, you can download the PayFlex Mobile app and manage your account wherever, whenever. Payment happens right away if you have funds in your health savings account (HSA), flexible spending account (FSA) or health reimbursement arrangement (HRA). Learn about health/dependent care flexible spending accounts with the PayFlex Card, See the simple way to save with health/dependent care flexible spending accounts, Explore saving with health/dependent care flexible spending accounts (spanish version), Learn about the limited purpose FSA with the PayFlex Card, Save money with a limited purpose FSA when paying for dental and vision costs. This is true even if you dont cover your spouse and dependents on your health plan. You contribute, spend and save. Compare accounts and find the solution that fits you best. Its quite simple, really. Can I withdraw money from PayFlex? 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. 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. 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. If you have an HSA, you can use the card for eligible expenses that you incur after your HSA is opened. How do I transfer money from my PayFlex card to my bank account? 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? While your card is suspended, you cant use it for that account. Sign it in a few clicks. How can I get money off my PayFlex card? So, you could save about 30 cents on every dollar you spend on eligible expenses. Click on Order a Dependent Card. You can use your PayFlex Card to pay for eligible health care products and services. Once the plan year is over, that money is gone. View account . What most people view as routine expenses can actually be FSA-applicable.. Youll then enter the last four digits of your Social Security number (SSN). When your HSA has the minimum balance amount required, you can begin to invest through a variety of four-star-rated mutual funds. Your employer couldn't force you to pay back the $1,000 you spent, even though you never contributed a cent to the account. At age 65, you can withdraw your HSA funds for non-qualified expenses at any time although they are subject to regular income tax. Medical spending includes expenses for hearing, vision and dental health, even if you dont have insurance for those. So, when you use your FSA funds, its like youre saving about 30 cents on every dollar you spend. Expense is automatically deducted 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. Be sure to review your plan to determine whats eligible. Click on Order a Dependent Card. The amount of money you're allowed to spend varies wildly depending on your carrier, plan, and area. Money set aside in these accounts will reduce your taxable income, providing you with more value for the dollar. Some employers give you more time to spend your funds or let you carry over unused funds to the next plan year. This can happen when the amount you paid doesnt match your copay amount or you paid an estimated or pending amount. This lets you withdraw funds from your HSA and deposit them into your linked bank account. Our partners compensate us. If your expense went through your medical or dental plan, youll need to send an Explanation of Benefits (EOB) from your plan. You'll need it to set up your online account. On March 27, 2020, the CARES Act passed and changed the rules for OTC drugs and medicines. Follow these steps to change your card details on Payflex: First, you will need to log in to our Customer Portal Once you're logged into the customer portal, follow these steps: Select the View Order button for the order that you wish to add the new card to. 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. 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 We're here to help Monday through Friday, 7 AM to 7 PM CT and Saturday, 9 AM to 2 PM CT. If you are still covered by a qualifying high-deductible health plan, you can continue to contribute as well. It helps you save on everyday items like contact lenses, sunscreen and bandages. The PayFlex Card helps make it simple for you to pay for your eligible expenses. It's simple and lets you manage your money from your phone. After this, you'll get your personal identification number. Aetna Under no circumstances can your boss give the money back to you directly, according to IRS rules. Need to file a claim? No. Each FSA has its own contribution limit, which is set by the Internal Revenue Service (IRS). 0 Your plan administrator may have coupon codes or special deals so you can get more for your tax-free dollar, so head to your online FSA portal to find out first. Note: If you have multiple accounts, select your Health Savings Account from the drop-down menu at the top of the page. 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. This information may be different than what you see when you visit a financial institution, service provider or specific products site. 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.