Limited-Use FSA (HSA Compatible FSA)

Limited-Use FSA (HSA Compatible FSA)

A Smart Way to Maximize Your Savings

If you’re enrolled in a qualified high-deductible health plan (HDHP) and have a Health Savings Account (HSA), you can maximize your savings with a WageWorks® Limited-Use FSA (HSA Compatible FSA). This pre-tax benefit account helps you save on this plan year’s eligible out-of-pocket dental and vision expenses while taking advantage of the long-term savings power of an HSA.

  • Maximize your tax savings with both an HSA and a Healthcare FSA
  • Save an average of 30% on this year’s eligible out-of-pocket dental and vision expenses while using your HSA to save for future healthcare expenses
  • Use a single smart payment card to access funds in both accounts

 

“I get the best of both worlds with my WageWorks Limited-Use FSA (HSA Compatible FSA). I save on this year’s dental and vision expenses, and I save for my future healthcare expenses with my HSA. And I use one convenient payment card for both accounts. Saving money has never been easier!”

- A happy WageWorks Limited-Use FSA (HSA Compatible FSA) participant

Limited-Use FSA (HSA Compatible FSA) 101

Savings with Your Limited-Use FSA (HSA Compatible FSA)

A Limited-Use FSA (HSA Compatible FSA) works with an HSA to maximize your savings. You save on this year’s eligible out-of-pocket dental and vision expenses with a Limited-Use FSA (HSA Compatible FSA) while also saving for future healthcare expenses with an HSA.

A Limited-Use FSA (HSA Compatible FSA) lets you pay for qualified out-of-pocket dental and vision care expenses on a pre-tax basis. The money you contribute to an Limited-Use FSA (HSA Compatible FSA) is not subject to payroll taxes, so you end up paying less in taxes and taking home more of your paycheck.

Use this calculator to see how much you can save with a Limited-Use FSA (HSA Compatible FSA).

HSA Savings table

Qualifying for a Limited-Use FSA (HSA Compatible FSA)

A Limited-Use FSA (HSA Compatible FSA) is a great way to maximize your savings this year and in the future. But there are rules guiding your participation in this account.

A Limited-Use FSA (HSA Compatible FSA) is right for you if:

  • You have a qualifying high-deductible health plan with an annual deductible of at least $1,300 for individual coverage and $2,600 for family coverage*
  • You qualify for an HSA and set up an HSA

* Figures are current for 2015

Contributing to Your Limited-Use FSA (HSA Compatible FSA)

You can contribute up to a maximum of $2,550* to your Limited-Use FSA (HSA Compatible FSA) each year. The IRS sets the annual contribution limits. A different limit may apply to you according to your employer’s plan.

* Figures are current for 2015

Enrolling in Your Limited-Use FSA (HSA Compatible FSA)

You enroll in or renew your election in your Limited-Use FSA (HSA Compatible FSA) through your employer during your Open Enrollment period. Your human resources department or benefits administrator can tell you when employees in your organization can enroll in a Limited-Use FSA (HSA Compatible FSA) and help you get started. 

Estimating Contributions to Your Limited-Use FSA (HSA Compatible FSA)

A Limited-Use FSA (HSA Compatible FSA) is an annual account. As a rule, the money you contribute to your Limited-Use FSA (HSA Compatible FSA) must be used within the plan year.

That’s why it’s important to estimate how much you spend on eligible dental and vision care expenses for you and your eligible dependents each year before you decide how much to contribute to your Limited-Use FSA (HSA Compatible FSA).

Use this calculator to estimate your annual eligible expenses and determine an annual Limited-Use FSA (HSA Compatible FSA) election amount that’s right for you and your family.

Avoiding “Use It or Lose It” with Your Limited-Use FSA (HSA Compatible FSA)

Nervous about enrolling in an Limited-Use FSA (HSA Compatible FSA) because you’re afraid of losing money left unspent in your account at the end of your plan year? Don’t be!

While it’s always important to choose your annual election amount carefully (this calculator can help), the “use it or lose it” rule no longer applies to all types of Limited-Use FSA (HSA Compatible FSA)s.

What happens to money left unspent in your account at the end of a plan year depends on the type of Limited-Use FSA (HSA Compatible FSA) your employer has chosen for its employees. Depending on your employer’s plan, you may:

  • Carry over up to $500 left in your account from one plan year to the next

Key Features and Benefits of Your WageWorks Limited-Use FSA (HSA Compatible FSA)

Automatic Contributions Make Saving Simple

WageWorks makes saving simple. You decide how much to contribute to your Limited-Use FSA (HSA Compatible FSA), and funds are withdrawn automatically from each paycheck for deposit into your account before taxes are deducted. The total amount you elect to contribute to your Limited-Use FSA (HSA Compatible FSA) each year is available on day one of your plan year.

Variety of Payment Options Make Your Limited-Use FSA (HSA Compatible FSA) Easy to Use

With a variety of convenient payment options, your WageWorks Limited-Use FSA (HSA Compatible FSA) makes it easy for you to get reimbursed for many eligible dental and vision care expenses, like copayments for dentist and optometrist visits, orthodontia, and new eyeglasses or contact lenses.

Payment options include:

  • Pay My Provider. Arrange for convenient direct payments to your healthcare provider. Simply log into your WageWorks account and fill out a form to have eligible expenses paid directly from your account.
  • Pay Me Back. Arrange for account funds to be directly deposited into your bank account or a check to be mailed to reimburse you for eligible expenses you've already paid.
  • Pay by Debit Card. Depending on your employer’s plan, you may use the convenient WageWorks Healthcare Card associated with your account to pay for hundreds of eligible healthcare products and services. This smart card knows which account to draw money from first—your HSA-Compatible Limited-Use FSA (HSA Compatible FSA). Just don’t forget to save your receipts as some expenses charged to your debit card may need to be verified.

Web Portal and Mobile App Make Your Limited-Use FSA (HSA Compatible FSA) Easy to Manage

WageWorks makes it easy to manage your Limited-Use FSA (HSA Compatible FSA). Log into the WageWorks secure web portal to manage all aspects of your WageWorks account:

  • Check account balances
  • Submit claims and view claims status
  • Look up eligible expenses
  • Upload receipts to verify card transactions
  • Select your reimbursement methods (by check or direct deposit)
  • Choose to receive account alerts by email or text

The WageWorks EZ Receipts® mobile app puts the power of the WageWorks web portal in the palm of your hand. Download this handy app to your mobile device, log in to your account, and check balances, submit claims, view transactions, snap photos of receipts, get account alerts by text or email—all on the go!