But let's say you decide to quit your job on Jan. 6. How to avoid cash withdrawal fees. You can enroll in a Limited Purpose FSA if you have a Health Savings Account (HSA). Disclaimer: NerdWallet strives to keep its information accurate and up to date. If you choose to send funds to someone else, youll have to select/add a recipient and enter some details about your payment. About the author: Lacie Glover is an insurance editor and writer and a NerdWallet authority on insurance. We're sorry. You'll also need your card to set up your online account. You can do this online, through the PayFlex Mobile app, or complete a paper claim form and fax or mail it to us. This may include doctor and dental offices, hospitals, pharmacies, and hearing and vision care centers. You should always keep all your itemized receipts and Explanations of Benefits (EOBs). Click Complete Validation next to the bank account you wish to validate. 01. The card itself may have restrictions on where you can spendand on what. Step 1: Enter the amount you want to withdraw. Any unused pre-tax funds will be forfeited to your employer, and any post-tax funds will be refunded to you at the end of the ninety (90)-day period. Support for Paychex Clients and Employees As a writer, her work was featured in The Associated Press, The Motley Fool and U.S. News & World Report. Check your card's expiration date Your card is valid for five years, as long as you're an active member. Helps keep your card active Wait to submit your claim until you receive your EOB from your insurance provider. 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 PayFlex Card spending made simple The PayFlex Card provides a simple way to spend the money in your PayFlex account. You can process multiple refunds up to the total value of the original order i.e. So if life throws you a curveball, your HDHP and HSA will help keep you covered. Then you would pay the balance with another form of payment. You cannot roll over HSA funds into a 401(k) You also cannot roll over 401(k) money into an HSA. Complete a paper claim form and mail or fax it with your documentation. Re: Moving HSA Advice: from PayFlex to Fidelity Fidelity has no fees Contact only Fidelity, they will step you through the process. Fuel, gasoline for medical care reimbursement is eligible with a flexible spending account (FSA), health savings account (HSA) or a health reimbursement arrangement (HRA). HSA accounts can be used for way more than you think - USA TODAY Your FSA election remains in place for the plan year. 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. If you are still covered by a qualifying high-deductible health plan, you can continue to contribute as well. Theyre different from health savings accounts, or HSAs, in that the money can be spent only in the calendar year its contributed. Fastest Paying PayFlex Casinos in 2023 PDF Help keep your PayFlex Card active - bnl.gov Employees can use it to pay for their health care expenses. (1-844-729-3539) (TTY: 711), Monday through Friday, 7 AM to 7 PM (CT) It helps you save on everyday items like contact lenses, sunscreen and bandages. Review the full list of eligible expenses and choose how to spend your funds. 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. So, when you use your FSA funds, its like youre saving about 30 cents on every dollar you spend. This gives you more time to submit claims for eligible expenses that you incurred during the plan year. 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. Note: In order to keep your information safe, Paychex support staff may not be authorized to speak with our clients' employees, depending on the situation. 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. UAH - Human Resources - Flex Spending Plus, an HSA is a triple tax advantage account, which means that contributions, earnings, and withdrawals for eligible expenses are tax-free. After you log in to the app, select Manage to get started. Check with your employer for details about your plan so you can maximize your savings. 2023 PayFlex Systems USA, Inc. All Rights Reserved. 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. 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. Fuel is eligible for transportation to and from medical care, up to the allowed mileage rate. Some plans include a debit card so you can easily pay from your FSA at the time of service. There is a daily transfer limit of $2,500 to safeguard against fraudulent activity. That's why we offer the PayFlex card, the account debit card that makes it simple for you to pay for your eligible expenses. Then you can pay yourself back with your FSA through the PayFlex Mobile app or website. If you wish to set up a Personal Identification Number (PIN), call 1-866-898-9795. Theres more than one reason why you may not be able to use your card. Well then cancel your card and send you a new one. 03.752.1-ST B (4/20) . The PayFlex Card, your account debit card. If you're a new user, click Create Your Profile. 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. Verify your PayFlex Card purchases If you're asked to verify your card purchase is an eligible expense, you can take action online. 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. This influences which products we write about and where and how the product appears on a page. Bank accounts. You can find this form in. 03. You can use this card to pay for certain eligible expenses. Submitting a claim through the PayFlex Mobile app . FSA - Flexible Spending Account | Benefits | WEX Inc. Eligible expenses may also include prescriptions and OTC items for dental and vision care. 11819 Miami St STE 200. We use cookies to ensure that we give you the best experience on our website. In 1997, HSA Bank entered the consumer-directed healthcare market by providing medical savings accounts (MSA) to small employers and the self-employed . 6. This could be medical, vision, dental, prescriptions, plus over-the-counter stuff like pain relievers or cold and flu medicine. In a Nutshell. 1-844-PAYFLEX PDF Flexible Spending Accounts Frequently Asked Questions - HealthPartners While your card is suspended, you cant use it for that account. . Please try again later. 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. Its a no-touch payment thats fast, easy and secure. You may still be able to submit claims for eligible expenses that you incurred during the time you had coverage. 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). If you enroll in a qualified HDHP and meet other IRS criteria, you may open and contribute to an HSA. We have to suspend cards when we dont receive information from you to show that a card purchase is eligible. Primary hours. Your account balance may not cover the expense. Click on Order a Dependent Card. Plus, youll be prepared when you need to pay for health care expenses during the year. On March 27, 2020, the CARES Act passed and changed the rules for OTC drugs and medicines. You can only use the card at merchants and providers that accept Mastercard and health care cards. All financial products, shopping products and services are presented without warranty. With your pretax FSA contributions, you could save about $1,020. Now let's get you up to speed on Flexible Spending Accounts, FSA. Lets begin with a high-deductible health plan HDHP for short. Use Text Banking (if you have this feature set up). Add your card to your digital wallet for an even more convenient way to pay. And as your balance grows, youll be able to invest your extra HSA dollars into mutual funds for those future health care expenses. Use our app to scan a barcode, in-store or anywhere else. And make sure to download the PayFlex mobile app to manage your account wherever, whenever. Check out some of the frequently asked questions below. NerdWallet strives to keep its information accurate and up to date. Note: If you have multiple accounts, select your health savings account from the drop-down menu at the top of the page. Generally, Federal taxes range from 15% to 28% and Social Security taxes is currently 7.65% of your pay. They can assist you with the process of restoring your identity. If your FSA doesnt have a grace period or the carryover feature, you may have a run out period. Health savings accounts Withdrawals are tax-free for qualifying medical expenses. For 2023, the health care FSA and limited purpose FSA contribution limit is $3,050. It's simple and lets you manage your money from your phone. For this reason, we ask that you please contact your employer or on-site administrator before contacting Paychex. Need to file a claim? You can always use another form of payment for your expenses and submit a claim to pay yourself back. You have more options than you might expect. A Limited Purpose FSA may also cover other health care expenses after you meet your deductible. Click on Order a Dependent Debit Card. You can use bank transfer casinos for withdrawals. If so, you can use the card to pay for eligible expenses at qualified merchants. PDF Quick Reference Guide - Aetna PDF Paying yourself back from your PayFlex FSA - nylbenefits.com You can contribute up to $2,550 to your FSA this year, so you could have a lot of unused money to spend. How to invest hsa funds payflex? (2023) p. a. yex.com. It makes the fax hard to read. 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. Using your card means you dont have to pay out of pocket. 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. 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 If you choose to send funds to someone else, youll have to select/add a recipient and enter some details about your payment. 02/03/2023 - 02:36 CST. Download the app today from your mobile device's app store. When youre ready to pay for an eligible expense, simply provide your card for payment. Your FSA coverage may end on your last day of work or it may end at the end of that month. Spending money in your account is easy with the PayFlex Card. 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. The PayFlex Card can give your employees instant access to their HSA to . It's free and doesn't require cash or fees. When you go to withdraw PayPal payments, you can do so through a standard transfer or an instant transfer. What most people dont understand is that the list of eligible expenses is pretty robust, says Steve Auerbach, CEO at Alegeus, a benefits management company. Your FSA likely has one of these options for excess money in the account, but it cannot have both under IRS rules. You can also use it to pay for medical, dental and vision bills, including telehealth and COVID-19 treatment. 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. Simply swipe and select either debit or credit at the time of purchase. So if you have any left toward the end of the year, youll need to figure out when and how to spend it. After you register, you can download the PayFlex Mobile app and manage your account wherever, whenever. Sign in to your HSA using digital banking at TheHSAAuthority.com. The PayFlex Card is your account debit card. However, there is no tax penalty to make withdrawals to cover qualified medical expenses. Money set aside in these accounts will reduce your taxable income, providing you with more value for the dollar. Need help with your PayFlex account? By the time we get to the health savings account (HSA . The merchant may not be able to accept health care cards. FSAs are set up by an employer in a cafeteria plan, where your employer provides certain benefits on a pretax basis.