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Flexible Spending Accounts (FSA) – Saving Money
Flexible Spending Accounts (FSAs) allow you to pay for eligible health care and dependent care expenses using tax-free dollars. There are two types of FSAs—the Health Care FSA and the Dependent Day Care FSA:
IMPORTANT: If you enroll in the HDHP or your spouse is enrolled in an HDHP and contributions are made to the Health Savings Account (HSA), you cannot enroll in our Health Care FSA.
| Health Care FSA | Dependent Day Care FSA |
|---|---|
| Contribute up to $3,050 per year, pre-tax, to pay for services not covered by your medical, dental, and vision plan such as copays, coinsurance, deductibles, prescription expenses, lab exams and tests, contact lenses, and eyeglasses. | Contribute up to $5,000 per year, pre-tax, or $2,500 if married and filing separate tax returns to pay for day care expenses associated with childcare for children age 12 and under, disabled dependent care, or elder care that is necessary for you and your spouse (if married) to work or attend school full-time. You cannot use your Health Care FSA to pay for Dependent Care expenses. |
| Receive a debit card pre-loaded with the full amount you elected to contribute for the year to pay for eligible health care expenses and begin using it immediately. | Submit claims for reimbursement or use the FSA debit card (funds must be available in your account). |
| Eligible expenses include medical, dental, vision copays, coinsurance, deductibles, eyeglasses, some over-the-counter medications (per IRS Publication 502).View an interactive list at wexinc.com/insights/benefits-toolkit/eligible-expenses. | Can only be used to pay for eligible dependent care expenses including day care, after-school programs and elder care programs (per IRS Publication 503). View an interactive list a wexinc.com/insights/benefits-toolkit/eligible-expenses. |
| Submit claims up until March 31 of the following year for expenses from January 1 to December 31. Keep copies of all receipts in case of an IRS audit.Estimate carefully: Any money not used by December 31(and claimed by March 31) will be forfeited, per IRS regulations. | Submit claims up until March 31 of the following year for expenses from January 1 to December 31. Keep copies of all receipts in case of an IRS audit.Estimate carefully: Any money not used by December 31 (and claimed by March 31) will be forfeited, per IRS regulations. |
Dependent Day Care FSA Fine Print
- Expenses for dependent day care must be incurred and paid to a vendor, and the vendor’s tax ID or Social Security number must be provided on the claim you submit.
- Dependent Day Care FSAs have annual IRS contribution limits. If enrolling mid-year, consider how much was already contributed in the current year (if any) before making elections. If you over contribute, you may be required to pay taxes on the excess. Speak to a tax advisor with any questions.
- The plan is subject to annual non-discrimination compliance testing, which may result in required adjustments to dependent day care FSA amounts for highly compensated employees.
FSA Information
Questions? Please click on Contacts & Resources for help.