Flexible Spending Accounts (FSA) help you pay for eligible health care and daycare expenses, while helping you save money on taxes by reducing your taxable income. PayFlex is the administrator of both FSAs and the Health Savings Account.
There are three types of FSAs: a Limited Purpose FSA, a Healthcare FSA and a Daycare FSA.
If you are enrolled in one of First Data's High Deductible Health Plans (Bronze, Bronze Plus, or Silver) and will contribute to a Health Savings Account (HSA), you can put money aside in a Limited Purpose FSA. These funds can only be used for qualified dental and vision expenses. Funds cannot be used for healthcare expenses -- you should use your HSA to pay for health care related expenses.
Why would someone use a Limited Purpose FSA?
Although funds in a Limited Purpose FSA can only be used for dental or vision expenses, they are front-loaded into your account. This means they will be available, in full, early in the year. For instance, if you or your dependents need braces or glasses, you can put money into your Limited Purpose FSA and pay for them in January. You can put up to $2,600 into a Limited Purpose FSA in 2017.
The Healthcare FSA is not available if you have an HSA. If you contribute money to an FSA and have employer or employee contributions to an HSA, your FSA must be a Limited Purpose FSA to be used for Dental and Vision expenses only.
If you do not have an HSA, you can put up to $2,600 in an FSA in 2017 and use these funds for eligible medical, dental and vision expenses.
Eligible Expenses include doctor's visits, prescription drug copays or co-insurance and over-the-counter medications. Due to IRS regulations and Healthcare Reform, most over-the-counter medications will not be eligible expenses without a written prescription. For a complete list, visit PayFlex.com.
How Does Reimbursement Work?
When you have an eligible expense, you can:
For more information on the Daycare FSA and First Data's Care$ Benefit, click here.
Access PayFlex.com and select Sign In in from the upper right tool bar
First time PayFlex users, select Create Your Profile to enter your Last Name, Mailing Address, Zip Code, and the last four digits of your associate ID number. Click Submit.
Create a unique username and password, select a security question and security answer.
Enroll in e-Notify to receive email notifications.
Click submit and you'll be able to access your FSA information.
It is very important to estimate your expenses carefully when you enroll in an FSA. Money left in your account after the deadline will be forfeited and you will not be able to get it back.
Click here to find HealthHub/PayFlex and FSA forms.
Call PayFlex at 800.284.4885
Visit PayFlex.com for a list of eligible expenses, to download form, to check your account balance and the status of claims that you've filled out.