Tax Advantage Account Education


 

All tax advantage accounts will be reset to $0 on January 1, 2020, unless you elect a contribution during Annual Enrollment.

If you had a tax advantage account in 2019 and elect one again in 2020, your credentials will stay the same (i.e. login information, bank account information, etc).

If you had a tax advantage account in 2019 and elect one again in 2020, you will not receive a new PayFlex debit card. The card you have will be updated with your 2020 elections. PayFlex debit cards expire every five years.

First Time HSA Election

  • Once you receive your PayFlex debit card, go to www.payflex.com to create your profile.
  • Enter your last name, home mailing address, home zip code and that last four digits of your Social Security Number or Employee ID, and your date of birth. If you are enrolled in an HSA or Limited Purpose FSA, you will also need your debit card to finish creating your account.
  • You will need to make sure you have sufficient funds in your account in order to be reimbursed or pay for an expense.

Switching from FSA to HSA

  • If you previously enrolled in the Healthcare FSA option you will use the same debit card, but effective Jan. 1, 2020, 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 pay for an expense.
  • You have until March 31, 2020, to submit FSA claims that were incurred in 2019. Claims can be filed online, submitted via fax or mailed to PayFlex.
  • The debit card cannot be used after Dec. 31, 2019, for FSA claims.

Switching from HSA to FSA

  • If you waived medical coverage for 2020 and elected the Healthcare FSA option you will use the same debit card, but effective Jan. 1, 2020, 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.

Remaining in Same Plan

  • You will use the same debit card for 2020.

  • FSA: Effective Jan. 1, 2020, you cannot use your card for 2019 claims that need to be paid in 2020 (You will need to submit a claim online).

  • HSA: There are no restrictions on the year in which the card is used.

No Longer Enrolled in HSA

  • 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 retail and will be charged monthly maintenance fees.

2020 IRS Limits for HSA Contributions

  • Individual: $3,550

  • Family: $7,100

  • 55-and-over catch-up provision: $1,000

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