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. After you register, you can download the PayFlex Mobile app and manage your account wherever, whenever. When you pull out funds from your HSA for . To learn what's allowed, visit an online FSA store that sells only FSA-eligible items, like. Personal care items like toilet paper and soap. Flexible Spending Accounts (FSAs) for Individuals | PayFlex - Aetna Note: If you have multiple accounts, select your health savings account from the drop-down menu at the top of the page. Submit a claim using the PayFlex Mobile app. What Is The Difference Between An HRA And A Qsehra? 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? Your employer may offer a PayFlex Card, AKA your account debit card. The Standard transfer typically completes in 1 working day. And make sure to download the PayFlex mobile app to manage your account wherever, whenever. You may still be able to submit claims for eligible expenses that you incurred during the time you had coverage. Each FSA has its own contribution limit, which is set by the Internal Revenue Service (IRS). A Limited Purpose FSA may also cover other health care expenses after you meet your deductible. Before your card expires, you'll receive a new card in the mail. If you have questions about your FSA after you enroll, you may call Member Services at Or you can click on the column headers in the table to see which are eligible, eligible with a Letter of Medical Necessity (LOMN), or not eligible. PDF Flexible Spending Account (FSA) 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. Plus, an HSA is a triple tax advantage account, which means that contributions, earnings, and withdrawals for eligible expenses are tax-free. This gives you more time to submit claims for eligible expenses that you incurred during the plan year. You can only use the card to pay for eligible expenses. Simply swipe and select either debit or credit at the time of purchase. 1 Second, spending your HSA money on qualified medical expenses is free of federal . Our partners cannot pay us to guarantee favorable reviews of their products or services. It helps make it easier for you to spend the money in your PayFlex account. If thats the case, youll only have to worry right now about the money in excess of your rollover limit. Have questions about your card? Under no circumstances can your boss give the money back to you directly. Youll use the same username and password you use for the PayFlex member website. You no longer need a prescription from your physician to pay or get reimbursed for OTC drugs and medicines. Limited Purpose FSA 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. 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. Select Bank accounts. The amount you are able to withdraw in a given year varies based on your medical costs. Whats The Difference Between Class 2 And Class 3 NI Contributions? You cannot roll over HSA funds into a 401(k) You also cannot roll over 401(k) money into an HSA. Then you must enter a new four-digit PIN. Here are a few of the ways we make your security our priority: Give us a call. This change only applies to OTC drugs and medicines you paid for after December 31, 2019. How does the card work? This influences which products we write about and where and how the product appears on a page. . It helps make it easier for you to spend the money in your PayFlex account. And with PayFlex, you'll have the tools, services, and support to make the right decisions for your health and financial well-being. At PayFlex, were here to help you make a smart choice for your overall well-being. Your account balance may not cover the expense. You dont need to use your card for all eligible expenses. Follow the instructions. 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. This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. No. Pay your provider . Keep it simple with the PayFlex Mobile app Manage your account and view . You can only use the card to pay for eligible expenses. Support for Clients and Employees. This can happen when the amount you paid doesnt match your copay amount or you paid an estimated or pending amount. For 2023, I switched to a Flex Spending account. Keep in mind that some merchants may ask you to select Debit. This means youll need to enter your PIN to complete the transaction. You'll receive your PayFlex card in the mail. Frequently Asked Questions for Members | PayFlex - Aetna If the cash is used to pay for ineligible purchases, it must be reported when youre filing your taxes. Fuel is eligible for transportation to and from medical care, up to the allowed mileage rate. Search for the order using the customer name or payflex order number or merchant reference number; Select the view/refund button; Capture the amount and reason for processing the refund (for your own records). Fill out a withdrawal slip indicating the amount you would like to withdrawal from your savings account. Simply click on the corresponding icons to visit our online vendors to purchase an eligible healthcare item. First, personal HSA contributions using after-tax money may be federal income tax-deductible. Click Order a Dependent Debit Card. Many or all of the products featured here are from our partners who compensate us. Once its reported, its subject to an income tax and treated as though it had never been in your tax-free HSA. Once the plan year is over, that money is gone. HSA Rollover The IRS allows each HSA account holder to roll over their funds to a new HSA provider every 12 months and maintain the tax-advantaged status of the HSA. 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. Click Continue. 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. Payment happens right away if you have funds in your health savings account (HSA), flexible spending account (FSA) or health reimbursement arrangement (HRA). Well let you know in the letter, the date you need to respond. The funds roll over year to year, and the account earns interest too. Any withdrawn funds used for non-medical purposes are still subject to income taxes. With your pretax FSA contributions, you could save about $1,020. 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 did you know you can invest your funds to save even more? Can I withdraw money from PayFlex? The current contribution limits are $3,850 for individuals, $7,750 for families. Rick VanderKnyff leads the team responsible for expanding NerdWallet content to additional topics within personal finance. Its quite simple, really. Generally, we send a request for documentation when were unable to verify if one or more of your card purchases is eligible. This, in turn, may help lower your taxable income. This generally includes doctor and dental offices, hospitals, pharmacies, and hearing and vision care centers. And PayFlex makes investing easy with a choice of funds and the facts you need, right on the website. An HSA withdrawal is the last tax perk in the string of three tax advantages offered through this account. The PayFlex Card spending made simple The PayFlex Card provides a simple way to spend the money in your PayFlex account. To send documents with your claim, simply take a picture and upload it through the app. Select Bank accounts. If your expense didnt go through your medical or dental plan, you can send an itemized receipt or statement for the expense. HSAs are tax-advantaged in three ways. And if you're over the age of 55, you can make a catch-up contribution of $1,000. Some employers give you more time to spend your funds or let you carry over unused funds to the next plan year. It includes most expenses related to medical care, with the notable exceptions of health insurance premiums and over-the-counter medication. The number is on the back of your PayFlex Card. You can use your card at qualified merchants where Mastercard is accepted, and where merchants can process health care cards. Youll be asked to enter your card number, the three-digit security code (located on the back of your card) and your five-digit zip code. Note: If you have multiple accounts, select your Health Savings Account from the drop-down menu at the top of the page. It includes most expenses related to medical care, with the notable exceptions of. This is the best form of documentation. 2023 PayFlex Systems USA, Inc. All Rights Reserved. This information may be different than what you see when you visit a financial institution, service provider or specific products site. With the PayFlex Mobile app, you can access your account anytime, anywhere. You wont have to submit a claim for your PayFlex Card expenses or wait for reimbursement. Order an additional PayFlex Card, your account debit card You can order an additional card for your spouse or dependent. When evaluating offers, please review the financial institutions Terms and Conditions. Need help with your PayFlex account? Pay with your PayFlex Card When you use it, your expense is automatically paid from your account. 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.