PARTNER | WEX
Flexible Spending Accounts
These accounts allow employees and their families to use pre-tax monies to cover deductibles, copays and other non-covered eligible expenses.
Healthcare Flexible Spending Account
A Healthcare FSA empowers you to set aside pre-tax money from every paycheck to help pay for qualified medical, dental and vision expenses.
- Annual Max | $3,300 Per Year
- Put more money in your pocket
- Access funds at the start of the year
- Spend beyond the doctor′s office
- Join millions of flexible spenders!
Limited Purpose Healthcare Flexible Spending Account
When enrolled in the HDHP and an HSA you may also elect a Limited Purpose FSA (LPFSA) concurrently, allowing you to receive reimbursement for eligible dental and vision expenses.
- Annual Max | $3,200 Per Year
- Put more money in your pocket
- Access funds at the start of the year for dental and vision expenses
- Spend beyond the doctor′s office
- Join millions of flexible spenders!
Dependent Care Flexible Spending Account
Set aside pre-tax money from every paycheck to help pay for dependent care expenses. A qualifying ‘dependent’ may be a child under age 13, a disabled spouse, or an older parent in eldercare.
- Annual Max | $5,000 Per Year
- Daycare, nursery school and preschool
- Summer day camp
- Elder daycare
- Before and after school programs
RESOURCE LIBRARY
ACCESSING FSA
FSA TIPS & DEADLINES
Estimate your expenses carefully before you enroll—The key to making FSAs work for you is to use your FSA for predictable expenses – in other words, expenses you know you will incur during the plan year. For example, if you take medication every day (such as blood pressure or cholesterol medication), you could put money in your FSA to cover your prescription drug copays.
HOW FLEXIBLE SPENDING ACCOUNTS WORK
Decide how much to contribute – Our plan year runs from January 1 through December 31 each year. Be sure to estimate carefully as any money you don’t use will be forfeited (this is called the “use it or lose it” rule).
Pay your expense and file claims – When you pay for eligible expenses, save the receipts. Then, file a claim for reimbursement from the appropriate account.
Receive tax-free reimbursement – Once your claim is approved, you’ll be reimbursed with money from your account.
HealthCare Flexible Spending Account’s allow you to help pay for your eligible healthcare expenses on a pre-tax basis. The healthcare reimbursement account annual maximum for 2024 is $3,200. You can elect to contribute towards this account and your pretax deductions will be made bi-weekly. A debit card is available to help make the claim submission process easy. But, for some of us, we may still choose to use a good old fashioned claim form. It’s your choice.
The funds you elect are available to you from the start of the plan year. For 2024 Health Care FSA plan year members, you will have until 12/31/2024 to incur claims, any amounts below $100 or over the $640 carryover amount leftover beginning 1/1/2025 will be forfeited. Claims for reimbursement must be submitted by 3/31/2025 for qualified expenses incurred prior to 12/31/2024.
Please Note: You can carry over funds between $100 to $610 from the 2023 to the 2024 plan year. Any balances below $100 or over $610 as of 12/31/2023 will be forfeited. Carryover amount from the 2024 plan year to the 2025 plan year is $640
The minimum health care FSA carryover amount is $100 and will be administered as follows:
- A participant has less than $100 remaining in their FSA at the end of the run-out period and is NOT ENROLLED in the next plan year, the remaining funds in the participant’s account DO NOT carry over and are instead forfeited.
- A participant has less than $100 remaining in their FSA at the end of the run-out period and is ENROLLED in the next plan year, the remaining funds in the participant’s account WILL carry over to the next plan year.
When enrolled in the HDHP and an HSA you may also elect a Limited Purpose FSA (LPFSA) concurrently, allowing you to receive reimbursement for eligible dental and vision expenses. If enrolled in the HDHP, but not an HSA, you may enroll in the Healthcare FSA with access to all eligible medical, dental, and vision reimbursements. To establish an LPFSA, you must be enrolled in both an HDHP and an HSA. You can use this account to pay for eligible dental and vision expenses.
The funds you elect are available to you from the start of the plan year. For 2024 Health Care FSA plan year members, you will have until 12/31/2024 to incur claims, any amounts below $100 or over $640 leftover beginning 1/1/2025 will be forfeited. Claims for reimbursement must be submitted by 3/31/2025 for qualified expenses incurred prior to 12/31/2024.
Please Note: You can carry over funds between $100 to $610 from the 2023 to the 2024 plan year. Any balances below $100 or over $610 as of 12/31/2023 will be forfeited. Carryover amount from the 2024 plan year to the 2025 plan year is $640.
The minimum health care FSA carryover amount is $100 and will be administered as follows:
- A participant has less than $100 remaining in their FSA at the end of the run-out period and is NOT ENROLLED in the next plan year, the remaining funds in the participant’s account DO NOT carry over and are instead forfeited.
- A participant has less than $100 remaining in their FSA at the end of the run-out period and is ENROLLED in the next plan year, the remaining funds in the participant’s account WILL carry over to the next plan year.
With a Dependent Care Flexible Spending Account You can contribute up to $5,000 each year on a pre-tax basis to help pay for care for your eligible dependents so that you (and your spouse if you’re married) can work or look for work. This limit will be reduced to $2,500 if you are married and filing a separate tax return. You may only use the funds that are available in your account, not the entire annual election.
The funds available in your account will be the amount deducted from your paycheck at that point in time, the full amount is not available from the start of the plan year. Qualified dependent care expenses must all be incurred by 12/31 each year. Any remaining balances will be forfeited. For your new 2024 election you will need to incur all claims by 12/31/2024 and you will have until 3/31/2025 to submit your claims for reimbursement for qualified dependent care expenses incurred prior to 12/31/2024.
There is no carryover of unused Dependent Care FSA funds.
COMMON ELIGIBLE EXPENSES
Click on the below link to learn how to substantiate medical flexible spending purchases:
How to substantiate medical flexible spending account purchases of eligible expenses
Check out Common Eligible Expenses from the FSA Store:
https://fsastore.com/fsa-eligibility-list
To View the Full IRS list, you can find all those expenses here:
FSA AND HSA GUIDE
During open enrollment at the beginning of each plan year, sign up to participate in an FSA. Select the option that best meets your needs and then determine the amount you would like to contribute from your pre-tax earnings.