Most of us have out-of-pocket medical expenses at some point throughout the year.
You can pay for those expenses with pre-tax dollars if you elect one of our Flexible Spending Accounts (FSAs), administed by WEX. FSAs allow you to set aside pre-tax dollars—reducing your taxable income!—to pay for eligible out-of-pocket medical, dental, and vision expenses. Deposits are made via payroll deduction in equal payments over the course of the year.
How It Works
You should contribute the amount you expect to pay out-of-pocket for eligible expenses. A few points to remember:
- The amount you choose to contribute through payroll deduction cannot be changed during the year.
- The amount you elect is available to you at the beginning of the plan year.
- Eligible expenses can be submitted for reimbursement, and reimbursements will be sent by a check or direct deposit.
- You may elect to contribute the maximum amount even if your spouse is also contributing to an FSA at his or her workplace.
Want to Dive Deeper? Browse WEX's Educational Resources for in-depth informative guides, handouts and videos to learn more about your Flexible Spending Account options.
Log On to Wex
- Visit benefitslogin.wexhealth.com
- To create an account, you’ll need to provide your name, zip code, and SSN.
Health Care FSA
A Health Care FSA can reimburse you or help you pay for eligible health care expenses not covered by your medical, dental, vision and prescription plans, like copays, and deductibles. The portion of your paycheck you put into your FSA is taken out before you pay federal income taxes, Social Security taxes and most state taxes. It’s a great way to save money.
You are eligible for this if you enroll in the PPO Medical Plan or waive medical.
- You can contribute a maximum annual amount of $3,300.
- Changes to your FSA contribution levels are restricted to qualifying life events.
- If you select this benefit, you will select your annual FSA contribution amount, which will be deducted in equal payments over the course of the plan year.
- Getting reimbursed is easy. Eligible expenses can be submitted for reimbursement and reimbursements can be received by either a check or direct deposit.
Important Note: The plan allows you to roll-over up to $660 per year. If you have more than $660 outstanding in your account, you will lose the difference between your balance and $660.
This plan is subject to IRS guidelines.
Limited Purpose FSA
A limited-purpose medical flexible spending account (referred to as a limited-purpose FSA) is much like a typical, general-purpose health FSA. However, under a limited-purpose FSA, eligible expenses are limited to qualifying dental and vision expenses for you, your spouse, and your eligible dependents.
You are eligible for this plan if you enroll in the Health Care Savings Medical Plan.
Important Note: The plan allows you to roll-over up to $640 per year. If you have more than $640 outstanding in your account, you will lose the difference between your balance and $640.
This plan is subject to IRS guidelines.
Dependent Care FSA
You can use pre-tax FSA dollars to pay for dependent care expenses for:
- Children up to age 13
- Disabled dependent of any age
- Disabled spouse
To be eligible for this type of account, both you and your spouse (if applicable) must work, be seeking work or be full-time students.
Note: You can change your contribution amount during the year.
Maximum Contribution: $5,000
This plan is subject to IRS guidelines.
Contact Wex
wexinc.com
866.451.3399