Tax Advantage Accounts
Life Events FAQs
Defined Benefit Plans
All tax advantage accounts will be reset to $0 on January 1, 2021, unless you elect a contribution during Annual Enrollment.
If you had a tax advantage account in 2020 and elect one again in 2021, your credentials will stay the same (i.e. login information, bank account information, etc).
If you had a tax advantage account in 2020 and elect one again in 2021, you will not receive a new PayFlex debit card. The card you have will be updated with your 2021 elections. PayFlex debit cards expire every five years.
If you previously enrolled in the Healthcare FSA option you will use the same debit card, but effective January 1, 2021, the card will default to use HSA contributions only.
You will need to make sure that you have sufficient funds in your account in order to be reimbursed or to pay for an expense.
You have until March 31, 2021 to submit FSA claims that were incurred in 2020. Claims can be filed online, submitted via fax or mailed to PayFlex.
The debit card cannot be used after Dec. 31, 2020, for FSA claims.
If you waived medical coverage for 2021 and elected the Healthcare FSA option, you will use the same debit card; however, effective January 1, 2021, the card will default to use FSA contributions only.
If you want to use your HSA funds, you will need to submit a claim online rather than using the debit card as all transactions will be taken from FSA account.
You will use the same debit card for 2021.
FSA: Effective January 1, 2021, you cannot use your card for 2020 claims that need to be paid in 2021 (You will need to submit a claim online).
HSA: There are no restrictions on the year in which the card is used.
When you are no longer enrolled in one of the Consumer Choice Medical plans, your HSA account moves to an individual account. This is called a "retail account."
You will continue to use the same debit card for the "retail account."
You will receive notification that your account is now retail and you will be charged monthly maintenance fees.
55-and-over catch-up provision: $1,000