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The University of Oklahoma Human Resources Website


Flexible Spending Accounts

Information
Expense Planning

The University offers two types of Flexible Spending Accounts (FSA): a Health Care Account and a Dependent Day Care Account. These accounts are managed by PayFlex, a BlueCross BlueShield Partner.

Important Reminders

  1. If you want to continue your PayFlex FSA's for the upcoming plan year, you must re-enroll in each of them each year during annual enrollment.
  2. Use your HealthID for web account access at www.mypayflex.com.
  3. Keep your itemized receipts for the entire plan year in case PayFlex requests them to comply with IRS regulations.
  4. You may incur healthcare FSA expenses until March 15th of the following year and dependent care until December 31st of the plan year. You have 30 days following these dates to submit eligible claims.

FSA Details

  • The PayFlex™ Card is a debit card that electronically accesses your healthcare account to pay for eligible expenses when you check out at a store or medical provider.

    Participants who use the PayFlex™ Card take advantage of four key benefits:

    1. Immediate payment of your expenses from your healthcare account;
    2. Increases your personal cash flow;
    3. No claim filing due to point-of-sale approval;
    4. Ease of use of your pre-tax funds.
    Where can you use it? You can use the card at qualifying merchant locations wherever MasterCard® is accepted. Qualified merchants include physician and dental offices, vision providers and merchants who have implemented an inventory information approval system (IIAS).
  • Find eligible expenses here.
  • Find forms for submitting claims here.
  • Express Claims at www.mypayflex.com makes filing non-debit card claims fast and easy.
  • Direct Deposit is encouraged for reimbursement of non-debit card claims including reimbursements for dependent care. Be sure to complete a direct deposit authorization form (see the sidebar on this page).

What is an FSA?


Did you know that healthcare and dependent care reimbursement accounts can decrease the amount of taxes you pay on your income by allowing you to set aside pre-taxed income for eligible expenses? An FSA is a Flexible Spending Account, which is authorized by the IRS and available through your employer. This type of account allows you to set aside money for healthcare and/or dependent day care expenses on a pre-tax basis. As you incur healthcare and/or dependent day care expenses throughout the year, you may submit a claim for those expenses to get reimbursed with tax-free dollars from your PayFlex account. A healthcare account reimburses you for out-of-pocket expenses, meaning those expenses that are not covered by your medical, dental, prescription or vision programs. These expenses include deductibles, co-pays, coinsurance and certain over-the-counter (OTC) expenses.

The dependent day care account reimburses you for expenses you incur to allow you and, if married, your spouse to work. These expenses include day care, before-and-after school programs, nursery school or preschool, summer day camp and even adult day care.

When you use either one or both of these accounts, you reduce your taxable income so you pay less in income taxes. To see a list of all eligible expense items for either a healthcare or a dependent day care account, visit www.mypayflex.com.