![]() The best type of documentation to provide for substantiation is the Explanation of Benefits (EOB) from an insurance company showing the “final” amount owed. When this occurs, you will receive a “Request for Documentation” notice on the PayFlex member website or letter by email or mail based on your account settings. However, sometimes PayFlex can’t prove that the funds were used for eligible expenses. When using your debit card to access funds from your FSA, PayFlex has established certain systems and rules to automatically verify the funds were used for an eligible expense. The IRS requires PayFlex to verify that all FSA debit card transactions are for eligible medical or childcare expenses, a process also known as substantiation. The more you contribute – the more you can save! Healthcare FSA FAQs ![]() The result is that you’ll save federal income tax, state income tax and Social Security tax on the amount you contribute to the account. If you and your spouse both work at UA and are eligible to participate in the HFSA, you may each contribute up to $2,850 into the HFSA for a total of $5,700. The maximum annual pre-tax amount allowed for this plan is $2,850 for Plan Year 2023. This account can be used to pay for many healthcare expenses incurred by you and eligible IRS tax dependents that are not covered by your medical, dental or vision insurance. The Healthcare Flexible Spending Account (HCFSA) provides a way to save significant amounts of money on your healthcare expenses. Questions? PayFlex Contact Information: 1-84 (TTY: 711), Monday-Friday 7:00 a.m. Instructor-Led Training: UA hosted webinars about ‘ Understanding the Basics of Flexible Spending Accounts‘. Watch a video to show how to verify a card purchase online. How to Verify a Card Purchase: PayFlex requires substantiation documentation for most Healthcare FSA debit card transactions. Click here to watch an informational video from PayFlex to help with ‘Navigating Your FSA Dashboard’.Review the PayFlex Reimbursement Account Quick Reference Guide for additional instructions, or.Setup New Online Account: PayFlex will require your MasterCard debit card account number OR Social Security number to register a new online account. PayFlex currently manages UA’s COBRA continuation coverage and administers all tax-favored accounts for UAB and UAH. 1, 2022, UA transitioned to a new vendor, PayFlex, to serve as third-party administrator for all HCFSAs, DCFSAs, and HSAs beginning in Plan Year 2022. New Vendor for Flexible Spending AccountsĮffective Jan. Healthcare FSA and Dependent Care FSA participants will also be able to manually file for reimbursement from your account. Healthcare FSA participants will be able to use a special debit MasterCard® to pay their eligible FSA expenses. The money is then withheld from your pay before taxes are calculated providing you with more value for your dollar. When enrolling, you determine how much money you want to contribute to each account. A Flexible Spending Account (FSA) is a voluntary program that allows you to pay for a variety of out-of-pocket healthcare and/or dependent care expenses through pre-tax payroll deductions.
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