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Tax Advantage Accounts

Health Care Flexible Spending Account

 

How to Access Your Funds

  • Debit Card: PayFlex will issue a MasterCard debit card. You can use your debit card for expenses at most pharmacies and physician offices. In order to receive your debit card you must first activate your account within the PayFlex/HealthHub website. Once you receive your debit card, follow the instructions enclosed with your card to activate it. You can request another card at no cost by contacting PayFlex.

  • Auto Pay Option: With the Auto Pay option you will not receive a debit card; all medical and dental claims will be processed by the vendors. Any balance left on the bill after the insurance has been paid will be submitted to PayFlex for payment of the balance.

  • Online Banking: PayFlex offers banking features for participants
    • View your account activity and balance online
    • Request an electronic check, one time or recurring bill payments, such as orthodontics
    • Update your contact information
    • Order additional debit cards (HSA, Limited Purpose, and HealthCare Debit Card option)
    • Invest and save for your financial future, PayFlex offers an array of investment funds with varying risk spectrums. You can invest in these funds once your account balance (HSA only) is above $1000. Fund information is available on www.FarmCreditFoundations.com or www.healthhub.com

Amount Available for Reimbursement

Your total annual health care contributions are available to be reimbursed at any time during the year. For example, if your claims exceed the balance in your health care spending account, you will be reimbursed up to the total amount you have elected to deposit for the year, regardless of the amount you have contributed at the time you submit your claim.  Save your receipts. You may have to show the IRS the expense was qualified.

 

Accessing the Funds in Your Health Care FSA

About a week after your enrollment you will receive an email notice from PayFlex to go out to the HealthHub website. You will want to go out to the site and create an account login.


Here are the directions to set up your account at PayFlex:

  1. Go to http://www.healthhub.com
  2. Follow the instructions to create/access your account in the PayFlex User Guide.
  3. Click on the “Employee Account Login” link at the top of the page.
  4. On the next screen click on the “REGISTER” link.
  5. In the Member ID box you will enter in your Social Security Number (with no dashes).
  6. In the Zip Code box you will enter in your home zip code.
  7. Follow the request of the instructions to complete your account activation. Make sure to read through the Online service/fee agreement, check the box that says, “I have read and agreed to the service/fee’s agreement” and click “Continue”

 

FSA: Use It or Lose It

Tax advantage accounts have certain tax advantages. Therefore, the IRS regulates all tax advantage accounts. By law, any funds not used for services during the year will be lost. In other words, you need to use the money in your account or you'll lose it. See the www.irs.gov website for the complete list of qualified expenses, Publication 502.

 

Changing your health care FSA contribution amount mid-year can only occur if you experience a qualifying status change. Contact Farm Credit Foundations for more information.