Flexible Spending Accounts
Flexible Spending Accounts (FSA) help you pay for eligible health care and day care expenses while also helping you save money on taxes by reducing your taxable income. PayFlex is the administrator of both FSA's:
- The Health Care FSA
- The Day Care FSA (previously referred to as Dependent Care)
Reminder: The Day Care FSA is not for health care expenses for your dependents. Use the Health Care FSA to be reimbursed for your dependent's health care expenses.
Now you have real-time access to your FSA, HSA or Day Care account wherever you go. The Mobile Application is accessible on Smartphone's such as iPhone, Blackberry and Android.
Health Care FSA
You can save from $100 to $5,000 per year in the Health Care FSA to be reimbursed for eligible medical, dental and vision expenses that aren't covered by First Data's benefit plans (or any other benefit plans, such as a spouse's/domestic partner's employer plan).
What are eligible expenses?
Eligible expenses include doctor's office visits, prescription drug co pays or coinsurance, and over-the-counter medications. Due to IRS regulations and Healthcare Reform most over-the-counter items will not be eligible expenses, beginning January 1, 2011. For a complete list, visit HealthHub or check the IRS Web site for Publication 502.
For additional information, please review PayFlex OTC Update.
How does reimbursement work?
When you have an eligible expense, you can:
- Use your Health Care FSA debit card to pay the expense or
- Use PayFlex's Express claim form and submit on-line to HealthHub or
- File a paper claim. To download a claim form, visit HealthHub .
For more information:
Be sure to save receipts for all purchases and expenses-this is an IRS requirement. You may be asked for them at a later date even if you use your debit card.
It's also important to know that you can be reimbursed up to the entire amount you've pledged to your account for the year, regardless of your actual balance. As money goes into your account, it's applied toward the expense.
Health Care FSA Debit Card
When you or a covered dependent has an eligible health care expense, you can use your MasterCard®. The MasterCard gives you immediate access to the money you have pledged to your Health Care FSA.
You can also submit your claim on-line, using HealthHub's Express Claim service or download a paper claim form from PayFlex and fax it to them.
Remember to keep all receipts.
Additional Important Information Regarding Your Flex Spending Debit Card:
"Get Your PayFlex Card Reactivated"
"Keep Your PayFlex Card Active",
Can I have both an HSA and a Health Care FSA?
Yes, you can have both. They are both tax-advantaged accounts and when used in conjunction, can help you maximize your tax savings. If you do have both, your FSA will be a "limited FSA".
1. Limited FSA
Limited FSA's are for those enrolled in the High Deductible Health Plan and contributing to an HSA account. You can use a limited FSA to be reimbursed for expenses for dental and vision expenses not covered by your health plan. For a full listing of eligible expenses, please check the HealthHub site or the 2012 SPD.
2. Day Care FSA
You can save from $100 to $5,000* per year in a Day Care FSA to be reimbursed for expenses associated with day care for a dependent child-and/or a dependent adult who isn't capable of self-care-while you work. This includes the Care$ Benefit (if eligible), which allows you to receive a contribution from First Data to your Day Care FSA.
Care$ Benefit
Care$ Benefit is a subsidy provided by First Data for dependent care expenses incurred while you work. It is contributed directly into a Day Care Account.
How it works:
- All full-time employees earning $40,000 or less annually (based on annual benefits salary) are eligible.
- You must choose to receive Care$ Benefit when you enroll in benefits
- Your coverage level is based on whether or not you contribute to theDay Care Flexible Spending Account (FSA) and is as follows:
If you do not contribute to your Day Care Flexible Spending Account, but do elect to receive Care$ Benefit, First Data will contribute $18.46 per pay period if you are paid biweekly, or $20 per pay period if you are paid semimonthly, to your Day Care Flexible Spending Account. First Data will contribute up to $480 a year to your account.
If you contribute to your Day Care Flexible Spending Account and also receive Care$ Benefit, First Data will contribute $27.69 per pay period if you are paid biweekly, or $30 if you are paid semimonthly to your Day Care Flexible Spending Account. First Data will contribute up to $720 a year to your account.
*If you are married and file separate federal income tax returns, the maximum you can contribute to the Day Care FSA is $2,500. And, if you are eligible for the Care$ program, the maximum you can contribute to the Day Care FSA each year (including the company contribution) is $5,000.
What are eligible expenses?
Eligible expenses include day care, fees for day camp or home care for an elderly dependent. For a complete list, visit HealthHub or check the IRS Web site for Publication 502. Reminder: The Dependent Care FSA is not for health care expenses for your dependents. Use the Health Care FSA to be reimbursed for your dependent's health care expenses.
How does reimbursement work?
When you have an eligible expense, you file an express or paper claim with PayFlex. To use express claim or to download a claim form, visit HealthHub.
Be sure to save receipts for all expenses - this is an IRS requirement. It's also important to know that you can be reimbursed only up to the amount currently in your account.
What is the deadline for filing claims?
Account Deadlines
- It is important to estimate your expenses carefully when you enroll in one or both FSA's. Money left in your account(s) after the above deadlines will be forfeited.
- You will have until December 31, 2011 to use the money in your 2011 Dependent Care FSA and until March 15, 2012 to use money in your 2011 Health Care FSA.
- You will have until December 31, 2012 to use the money in your 2012 Day Care FSA and until March 15, 2013 to use money in your 2012 Health Care FSA.
Qualified status change
The Health Care and Day Care FSA elections that you make remain in effect throughout the year. The only time you may change your election is if you experience a qualified status change event and you make the change on Your Benefits Resources within 31 days of the event.
Helpful Hints: Your FSA Options
Use the following tools on the Your Benefits Resources Web site (under Spending Accounts) to calculate your eligible expenses for the FSA's:
- For the Health Care FSA, click on Estimate Your Health Care Expenses
- For theDay Care FSA, click on Estimate Your Day Care Expenses.
- Not sure whether you should contribute to an FSA? Click on the Why Use a Health Care Spending Account link on Your Benefits Resources to see how much you could save on taxes and to learn more about FSA's.
Forms
PayFlex Claim Form
Complete this form to be reimbursed for Health Care and Dependent Care FSA expenses you pay for out of your pocket.
PayFlex Direct Deposit Form
Complete this form to have your Health Care and Dependent Care FSA reimbursements go directly into your checking or savings account.
Complete if you are no longer participating in the First Data High Deductible Health Plan and you do not want your HSA funds held by UMB bank.
For More Information...
Call PayFlex at 800.284.4885.
Visit HealthHub for a list of eligible expenses, to download forms, to check your account balance and the status of claims that you've filed.