Flexible Spending Accounts (FSAs)
You can set aside up to $2,500 per year in a health care account.
(The annual maximum limit reduced to $2,500 due to the Federal Health Care Reform Bill.)
For dependent care accounts, you can set aside $5,000 or $2,500 for married taxpayers filing separate returns.
UAB offers – at no cost to employees – the popular preferred health care FSA debit card which is now known as the PayFlex Card. The card provides employees direct access to the funds available in their health care FSA. Employees will still need to keep their receipts and Explanation of Benefits from their insurance provider because the IRS requires substantiation of all reimbursements, including PayFlex Card transactions.
You may receive requests from PayFlex during the plan year. Failure to submit the required documentation can result in your card being suspended. If documentation is needed, employees will receive notification from PayFlex. You will have the option of submitting documentation or repaying the amount to the plan.
If you do not use the PayFlex Card, you can submit claims online through PayFlex’s claim submission tool and receive quick reimbursement. You can even submit claims through the PayFlex Mobile app simply by taking a picture of your documentation!
Please refer to the documents below for more information on this important program.
Flexible Spending Accounts