Health Care FSA funds, elected for the Janu– Decemplan year, must be used by Maor they will be forfeited. The 2021 Health Care FSA grace period would normally end on Mahowever, the University instituted a special grace period, to December 31, 2022, due to the pandemic. If you have funds remaining in your PayFlex Health Care FSA account, from the plan year that began on Januand will end on December 31, 2022, you have until Mato use these funds or they will be forfeited. Health Care Flexible Spending Account Grace Period It is customary for PayFlex to request receipts that do not match our current medical co-payment design and for purchases that are made at retailers that offer convenience products or services other than pharmaceutical.
You will have 31 days in which to submit receipts to substantiate the charges that are in question and to avoid suspension of your PayFlex Debit Card privileges. PayFlex may audit, as required by the IRS, and notify you directly via your Pace email account if these receipts are requested. PayFlex issues its own proprietary branded MasterCard debit card, which has the capacity for its payment processing system to work with participating IIAS merchants to electronically substantiate over-the-counter flexible spending account (FSA) eligible items.Īlthough the merchant will be paid directly from the funds in your FSA, YOU STILL MUST KEEP itemized merchant receipts and PayFlex Debit Card receipts for purchases made using your debit card. If you choose not to enroll in the Health Care FSA for this plan year, you will not have another opportunity to do so until the following plan year, which begins on Janu(unless you experience a “ Qualifying Change in Family Status” during the plan year). Please review PayFlex’s Quick Reference Guide (PDF), which will help you easily manage your reimbursement account online. Please access to explore common eligible health care expenses (click “Individual” at the top of the page and then scroll down to “Common Eligible Health Care Expenses” to view expenses that are eligible, ineligible, or require LOMN (Letter of Medical Necessity) prior to purchase). Your current Health Care FSA election, if applicable, will not rollover into the new plan year. If you wish to participate, you must re-enroll for the new plan year during this Open Enrollment period. Employees may contribute up to a maximum of $3,050 for the new plan year from Januthrough Decem(the minimum contribution is $200 for this plan year). medical co-payments, prescription co-payments). The Health Care FSA will reimburse you with “tax-free dollars” for eligible, unreimbursed medical and dental expenses (i.e. PayFlex is the administrator for the University’s Health Care Flexible Spending Account (FSA).
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