2020 - 2021 FLEXIBLE SPENDING ACCOUNT
FAQ's
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How the CARES Act may benefit PayFlex members
The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed by President Trump last month. This is a stimulus package introduced by the Senate, in response to the COVID-19 pandemic. Within the bill, the following sections may benefit PayFlex members:
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Health Savings Accounts (HSAs) for Telehealth Services (section 3701)
This allows a high-deductible health plan (HDHP) with a health savings account (HSA) to temporarily cover "telehealth and other remote care services" prior to a patient reaching the deductible, without regard to whether the telehealth services relate to COVID-19. This provision is effective immediately and will last until December 31, 2021.
- An individual can have an HSA qualified HDHP which covers "telehealth and other remote care services" before they’ve met their deductible, without jeopardizing HSA eligibility.
- Health plans that are HSA qualified HDHPs won’t lose that status merely because they cover "telehealth and other remote care services" before deductibles have been met.
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Over-the-Counter (OTC) Drugs and Medicines without Prescription (section 3702)
This section includes the following two provisions. These OTC changes are effective for expenses incurred after December 31, 2019. These provisions don’t have an expiration date.
- This law allows patients to use Health Savings Account (HSA), Heath Reimbursement Arrangements (HRA) and Flexible Spending Accounts (FSA) funds to purchase over-the-counter (OTC) drugs and medicines without a prescription from a physician.
- This law also adds feminine hygiene products to the list of eligible over-the-counter items.
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PayFlex COVID-19 Resource Center
To help provide you, your teams and your employees with COVID-related information, the PayFlex COVID-19 resource center is now available – click here to check it out. The resource center link is also posted on the PayFlex website, payflex.com.
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Making our members aware
On April 27, 2020, we’ll send an email to all PayFlex members who either have an active HSA, Health Care FSA or an HRA. The email message includes details about the OTC provision and a link to the COVID-19 resource center. Click here to review a copy of the member email.
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Questions?
To exclude your employees from the member email communication or for any questions, contact your PayFlex Account Manager.
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For Covid-19 related information for PayFlex members view this PDF.
The simple way to save for health and dependent care expenses is with the PayFlex, your 2020 - 2021 Flexible Spending Account (FSA)
Health care FSA- You can contribute pretax dollars from your paycheck, up to theInternal Revenue Service (IRS) limit of $2,750.*
- Your full contribution is available at the start of the plan year to payfor eligible health care expenses. It covers you, your spouse and/oryour tax dependents for:
-Copays, coinsurance and deductibles
-Dental expenses like orthodontia, crowns and bridges
-Vision expenses like LASIK eye surgery, glasses and contacts
-Prescription drugs and over-the-counter (OTC) items**
Dependent care FSA
- You can contribute pretax dollars from your paycheck, up to the IRSlimit of $5,000.*
- Funds are for your dependent(s) age twelve or younger, or a spouseor dependent incapable of self-care.
- Pays for eligible child and adult care expenses, such as day care,preschool and nursery school, in-home aid and more.
Pay with ease
We’ll show you how simple it is to pay for your eligible expenses:- Use the PayFlex Card®, your account debit card: When you use thePayFlex debit card (if offered), your expense is automatically paidfrom your FSA.
- Pay yourself back: Pay for eligible expenses with cash, a check oryour personal credit card. Then submit a claim to pay yourself back.For speed, have your claims payment deposited directly into yourchecking or savings account.
- Pay your provider: Use PayFlex’s online feature (if offered) to payyour provider directly from your account
For additional information view member PDF flyer or visit PAYFLEX to get started.
2020 - 2021 FSA forms and Information
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PAYFLEX Quick Reimbursement Guide
How to get started, view elegible expense items, account information and how to file a claim.
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Keeping PAYFLEX card active.
The Internal Revenue Service (IRS) requires PayFlex® to verify that all card purchases are eligible. Additionally, PayFlex may ask you to send documentation for a card purchase. If you receive a request, make sure to respond promptly. Your card may be suspended, and the unverified amount may be reported as taxable income. View information about keeping your PAYFLEX card active.