FLEXIBLE SPENDING ACCOUNT
A Flexible Spending Account (FSA) is a special account you put money into that you use to pay for certain out-of-pocket health care costs. You don't pay taxes on this money. This means you'll save an amount equal to the taxes you would have paid on the money you set aside. The FSA plan is administered through Wex Benefits.
With a Flexible Spending Account you can
- Enjoy tax savings with pre-tax contributions and tax-free reimbursements for qualified plan expenses.
- Quickly and easily access funds using a debit card.
- Use it or lose it. Don’t forget to spend your FSA dollars. If you have not used all of your FSA dollars before the end of the plan year, you will forfeit any money left in your account.
Facts to remember
- New elections are required each plan year.
- If you are on HDHP you cannot access the Health Care FSA.
- If you are on HDHP you can access the Limited Health care FSA, and Dependent Care FSA.
- If you are on PPO you cannot access the Limited Healthcare FSA.
- If you are PPO you can access the Health Care FSA and Dependent Care FSA.
- Elections are irrevocable during the plan year unless there is a qualifying change in status event. Learn more about qualifying life events and Dependent Health care.
Maximum Contribution
Health Care Flexible Spending Account1,2
$3,300
Sample Expenses: Medical, Dental, Vision, Pharmacy Copays; Glasses or contacts; Deductible or coinsurance
Limited Health Care Flexible Spending Account1,2,3
$3,300
Sample Expenses: Only eligible dental and vision expenses
Dependent Care Flexible Spending Account1,4
Single or married filing a joint return: $5,000
Married filing separate return: $2,500
Sample Expenses: daycare, after-school care, elder care
- The IRS requires you to keep copies of all expenses in which your FSA dollars were used.
- Annual pledged contribution is available on your effective date of coverage.
- If you elect to participate in the High Deductible Health Plan and contribute to a Health Savings Account (HSA), you qualify for the Limited Health Care FSA (not the Full Health Care FSA) and your flex dollars may only be used for eligible dental and vision expenses, NOT medical or pharmacy expenses.
- Annual pledged contribution is available to the extent of employee contribution.
Contact the provider of these benefits by calling this phone number or through email:
Wex Benefits Support: 866-451-3399 | openenrollment@wexhealth.com