Flexible Spending Accounts (FSAs)

Dependent Care and Medical Flexible Spending Accounts are administered by WEX Benefits. There will be a brief blackout period from January 1 – 13, 2023. During this time, any 2022 balances will be rolled over to WEX Benefits and will not be available for reimbursement. If you have receipts you have not filed, you may wish to do so before December 31, 2022.

FSAs provide you with an important tax advantage that can help you pay for expenses on a pre-tax basis. By anticipating your family’s costs for the next year, you can actually lower your taxable income. You may contribute to Flexible Spending Accounts (FSAs) to help with the cost of your eligible healthcare expenses. Contributions to your FSA are deducted from your pay prior to being taxed, which reduces your taxable income. You should contribute the amount of money you expect to spend on eligible expenses for the year.

You must enroll in your FSA every year to contribute. Your FSA plan options are shown below.

Dependent Care FSA

  • Allows employees to use pre-tax dollars toward qualified dependent care such as caring for children under age 13 or caring for elders.
  • The annual contribution maximum is $5,000 (or $2,500 if married and filing separately).
  • Funds are only available after they are deducted from your paycheck. Funds are not eligible for carryover.

Healthcare/Medical FSA

  • Allows employees who are not enrolled in an HDHP or contributing to an HSA to pay for certain IRS-approved medical care expenses with pre-tax dollars.
  • The annual maximum contribution of $3,050 can be used for eligible health care related expenses, including medical, dental and vision expenses.
  • There is a $610 carryover for 2023.
  • Services must be incurred between January 1 and December 31 of each respective year.
  • All claims must be submitted by March 31 of the following year.

Participants in both the medical and dependent care FSA will receive a debit card.

If you wish to participate in either the Health FSA or the Dependent Care FSA, you MUST enroll via the WEX Benefits Portal.