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FSA Benefits

Flexible Spending Account (FSA) Overview

Our FSA is administered by WageWorks.

A Flexible Spending Account (FSA) is a tax-advantaged financial account that allows you to set aside pre-tax dollars from your paycheck to pay for qualified out-of-pocket healthcare and dependent care expenses.

How FSAs Work

The Basics

  • You contribute pre-tax dollars through payroll deduction
  • Reduces your taxable income, lowering your overall tax burden
  • Funds are available for eligible expenses throughout the plan year
  • Must be used within the plan year or during applicable grace periods

Types of FSA Accounts

  • Healthcare FSA: For medical, dental, and vision expenses
  • Dependent Care FSA: For qualifying child and elder care expenses
  • Separate annual contribution limits apply to each type

Healthcare FSA Eligible Expenses

Your Healthcare FSA can be used for a wide variety of qualified medical expenses:

Medical Care

  • Doctor visits and specialist copays
  • Prescription medications and insulin
  • Medical equipment and supplies
  • Physical therapy and chiropractic care

Dental & Vision

  • Dental cleanings, fillings, and orthodontics
  • Eye exams and prescription eyewear
  • Contact lenses and lens solutions
  • LASIK and other corrective procedures

Over-the-Counter Items

  • First aid supplies and bandages
  • Pain relievers and cold medicines
  • Sunscreen and reading glasses
  • Pregnancy and diabetes testing supplies

Dependent Care FSA Eligible Expenses

Your Dependent Care FSA can help with qualifying care expenses:

Child Care

  • Licensed daycare centers and preschools
  • Before and after-school programs
  • Summer day camps (not overnight)
  • Licensed babysitters and nannies

Elder Care

  • Adult day care programs
  • Licensed caregivers for qualifying dependents
  • Care that enables you to work or look for work

How to File a Claim

Step 1: Pay for Eligible Expenses

  • Use your FSA debit card at the point of service (if available)
  • Pay out-of-pocket and submit for reimbursement
  • Keep all receipts and documentation

Step 2: Submit Your Claim

  • Online Portal: Log into WageWorks's website
  • Mobile App: Use the mobile app for quick submissions
  • Paper Form: Mail completed claim forms if needed
  • Receipt Upload: Attach clear photos or scans of receipts

Step 3: Required Documentation

  • Detailed receipt showing date, provider, and amount
  • Description of service or item purchased
  • Patient name (if different from account holder)
  • Proof of payment (credit card statement may be required)

Step 4: Receive Reimbursement

  • 5-7 business days for direct deposit
  • Direct deposit to your bank account
  • Check mailed to your address on file
  • Debit card credit (if applicable)

Important Considerations

Plan Year Rules

  • Use-It-or-Lose-It: Up to $640 may carry over to next plan year
  • Grace Period: 2.5 months grace period to use remaining funds
  • Contribution Limits: $23,000 for 2024 ($30,500 with catch-up)

Account Management

  • Enrollment: During annual open enrollment (November 1-30)
  • Changes: Limited to qualifying life events during the year
  • Documentation: Keep receipts for potential audits

Getting Support

For questions about your FSA, eligible expenses, or claim submissions:

Tips for Success

Maximize Your Savings

  • Estimate your annual healthcare expenses carefully
  • Keep receipts organized and easily accessible
  • Submit claims promptly to avoid delays
  • Use eligible expenses throughout the year

Stay Informed

  • Review eligible expense lists regularly
  • Understand your plan's specific rules and deadlines
  • Sign up for account alerts and reminders
  • Take advantage of online tools and calculators

Register for an online account with WageWorks to manage your FSA, submit claims, and access helpful resources to make the most of your tax savings.
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