Health Care FSA
PayFlex is the administrator for the University’s Health Care Flexible Spending Account (FSA). The Health Care FSA will reimburse you with “tax-free dollars” for eligible, unreimbursed medical and dental expenses (i.e. medical co-payments, prescription co-payments). Employees may contribute up to a maximum of $2,550 for the July 1, 2016 through June 30, 2017 plan year (the minimum contribution is $200 for this plan year).
You will actually save between 25% and 40% on qualified purchases when you use your FSA dollars. This is because the contributions to your FSA are made on a pre-tax basis. The savings are based upon the amount of tax that you would have paid on these dollars had you not contributed to the FSA.
If you wish to participate, you must re-enroll for the new plan year during this Open Enrollment period. Your current Health Care FSA election, if applicable, will not rollover into the new plan year. Please access PayFlex online, at www.mypayflex.com, to explore common eligible health care expenses (linked at the top of the page under “Individuals”).
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 July 1, 2017 (unless you experience a “Qualifying Change in Family Status” during the plan year).
PayFlex Health Care FSA Debit Card
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.
Although 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. PayFlex may audit, as required by the IRS, and notify you directly via your Pace e-mail account if these receipts are requested. 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. 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.
Health Care Flexible Spending Account Grace Period
If you have funds remaining in your PayFlex Health Care FSA account, from the plan year that began on July 1, 2015 and will end on June 30, 2016, you must incur supporting eligible expenses by September 15, 2016 and submit the claim form(s) to PayFlex for reimbursement by September 30, 2016. Any funds remaining in your Health Care FSA (for the July 1, 2015 through June 30, 2016 plan year) as of September 15, 2016 will be forfeited.
Please access PayFlex online, at www.mypayflex.com or at www.healthhub.com, to verify your FSA account balance. You may also call PayFlex at 1-800-284-4885. The PayFlex representative will be able to identify you by your Pace University ID number (U#).
Please click here to access the PayFlex FSA Claim Form.
*If you are enrolling in the Consumer Core HDHP/Health Savings Account (HSA) option for the new plan year, you are not eligible to enroll in this (full-purpose) Health Care Flexible Spending Account.