FSA (WEX)
Health Care FSA: Allows you to set aside up to $3,300 a year through payroll deductions for payment of eligible health care expenses.
Flexible spending accounts, or FSAs, provide you with an important tax advantage that can help you pay health care care expenses on a pre-tax basis. Essentially, the Internal Revenue Service (IRS) set up FSAs as a means to provide a tax break to employees.
As an employee, you agree to set aside a portion of your pre-tax salary in an account, and that money is deducted from your paycheck over the course of the year. The amount you contribute to the FSA is not subject to social security (FICA), federal, state or local income taxes โ effectively adjusting your taxable salary.
The taxes you pay each paycheck and collectively each plan year can be reduced significantly, depending on your tax bracket. As a result of the personal tax savings you incur, your spendable income will increase.
You can use your healthcare FSA on medical, dental and vision expenses that are not reimbursed by insurance. You can also use it for many over-the-counter medications.
For more information and a full list of eligible expenses, go to:ย FSAEligibleExpenses.
Reminder: You have 2 ยฝ months after the end of the plan year in which to incur costs that can be paid for with money from the prior year. ย You have 90 days after the end of the plan year to submit all claims. Any money not spent by the end of the 2 ยฝ months will be forfeited.
FSA debit card will be mailed to you, front-loaded with your annual elected amount. If you already have a debit card it will be re-loaded, you will not receive a new card
Manage your account at: www.wexhealth.com
Dependent Care FSA (WEX)
Allows you to set aside up to $5,000 if married/single or $2,500 if married-filing separate through payroll deductions for eligible dependent care expenses.
The Dependent Care account is for:
- Children aged 12 and under in day care, after school care or summer day camp, or
- Any person residing in your household and considered a dependent for tax purposes who is physically or mentally incapable of self-care, regardless of age.
For more information go to DCFSAinfo
FSA Summary
