Page 9 - TVS 2021 Benefits Guide
P. 9
2021
TVS SCS NA Benefits Enrollment
Can Ineligible Expenses be Reimbursed from an HSA?
Yes. Neither the trustee, bank, insurance company, nor the employer
are required to determine if a claim submitted for reimbursement is a
qualifying healthcare expense.
The amount withdrawn from an HSA for a non-qualifying healthcare
expense is added to the account beneiciary’s income and subject to
income taxes and a 20% penalty. Where funds are distributed as a result
of the account beneiciary’s death, disability, or after he or she is eligible
for Medicare, the 20% penalty does not apply.
Distributions made from an HSA to reimburse the account beneiciary
for qualiied healthcare expenses are excluded from gross income.
Who Administers the HSA?
TVS SCS NA uses PayFlex to administer the HSA accounts for those
employees enrolled in the High Deductible Health Plan. For more
information, please visit PayFlex’s website at www.paylex.com.
Members can access their HSA online through the PayFlex member
portal at paylex.com or call the Customer Service number 844.PAYFLEX
(729.3539). Once you go to paylex.com click “Create Your Proile.” Keep
in mind, you’ll need your PayFlex card and your account debit card to set
up your proile.
HSAs may not be the right solution for all individuals. Please contact
PayFlex for assistance in determining whether a tax-advantaged account
will best meet your goals.
Where Can I Find More Information on HSAs?
This document is meant to serve as a high level summary of HSAs.
We encourage you to familiarize yourself with all of the rules and
regulations pertaining to HSAs. Log on to your account through
www.paylex.com/products-and-services/health-savings-account for
a more detailed explanation. PayFlex also has an interactive advisor
named “Pete” that asks a variety of questions, and based on your
responses, offers recommendations. You can visit “Pete” here—
https://paylex.jellyvision-conversation.com/.
9
TVS SCS NA Benefits Enrollment
Can Ineligible Expenses be Reimbursed from an HSA?
Yes. Neither the trustee, bank, insurance company, nor the employer
are required to determine if a claim submitted for reimbursement is a
qualifying healthcare expense.
The amount withdrawn from an HSA for a non-qualifying healthcare
expense is added to the account beneiciary’s income and subject to
income taxes and a 20% penalty. Where funds are distributed as a result
of the account beneiciary’s death, disability, or after he or she is eligible
for Medicare, the 20% penalty does not apply.
Distributions made from an HSA to reimburse the account beneiciary
for qualiied healthcare expenses are excluded from gross income.
Who Administers the HSA?
TVS SCS NA uses PayFlex to administer the HSA accounts for those
employees enrolled in the High Deductible Health Plan. For more
information, please visit PayFlex’s website at www.paylex.com.
Members can access their HSA online through the PayFlex member
portal at paylex.com or call the Customer Service number 844.PAYFLEX
(729.3539). Once you go to paylex.com click “Create Your Proile.” Keep
in mind, you’ll need your PayFlex card and your account debit card to set
up your proile.
HSAs may not be the right solution for all individuals. Please contact
PayFlex for assistance in determining whether a tax-advantaged account
will best meet your goals.
Where Can I Find More Information on HSAs?
This document is meant to serve as a high level summary of HSAs.
We encourage you to familiarize yourself with all of the rules and
regulations pertaining to HSAs. Log on to your account through
www.paylex.com/products-and-services/health-savings-account for
a more detailed explanation. PayFlex also has an interactive advisor
named “Pete” that asks a variety of questions, and based on your
responses, offers recommendations. You can visit “Pete” here—
https://paylex.jellyvision-conversation.com/.
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