Health Flexible Spending Accounts

Health Flexible Spending Accounts

Save Money with a Health FSA

Looking for a great way to keep more money in your paycheck? Check out a health FSA. It reimburses you for eligible expenses that aren’t covered by your health, dental, or vision plan — the out-of-pocket health care expenses that you’re already paying for.

See more examples on our Eligible Health FSA Expenses page.

Important: To find out the specific eligible expenses for your FSA plan, review your employer’s Summary Plan Description (SPD).

Health FSA Funds: Available Day 1

Health FSAs are unique. Your annual health FSA contribution is available on the first day of the FSA plan year. But your total FSA contribution amount is deducted from your paycheck in equal amounts throughout the year.

Let’s say your health FSA election is $1,200 and your plan year begins on April 1. On the first day of the FSA plan year, that’s April 1, you can use $1,200 right away toward eligible health FSA expenses. Then $100 will be deducted from your paycheck each month throughout the plan year.

Enrolling Is Easy

Signing up for a health FSA is simple. An important first step is estimating your upcoming health care-related expenses. Think about the health care expenses for you, your spouse, and your qualifying children or relatives. Let us do the math for you — use our online savings calculator.

You can enroll in an FSA during your employer’s open enrollment period. Find out more details on our Health FSA Enrollment page.

You may also be able to sign up if you have a change in status event and your employer’s FSA plan allows enrollment at a time other than open enrollment.

Using Your Health FSA

Knowing about your health FSA will help you make the best use of your FSA benefits and keep more money in your paycheck. Get familiar with your WageWorks online account. It’s a great way to keep up with your FSA. Provide your email address and you’ll receive email claim confirmations and helpful FSA tips throughout the year.

Some employers offer the Visa® Benefit Card along with their health FSAs. Our benefit card gives you instant access to your health FSA funds. It automatically deducts funds from your FSA when you use your card to pay for an eligible health FSA expense. No need to pay out of pocket. No need to submit a reimbursement form. No need to wait on a reimbursement check. Just swipe and go!

Check out more Benefit card details by visiting our Benefit Card page.

Additional FSA Features

You’ll want to review your employer’s Summary Plan Description (SPD) to find out if your health FSA plan includes any of these features:

  • Carryover lets you carry over up to $500 of unused funds to the following plan year. (Carryover amount may vary by plan.)
  • Grace period gives you extra time to incur eligible expenses and use funds remaining in your account after the plan year ends. (Your plan cannot include a carryover feature and a grace period.)
  • Run-out period provides additional time to submit reimbursement requests for eligible expenses incurred during the plan year.

According to IRS rules, you lose the funds remaining in your FSA if they’re not applied to a carryover or used during the grace period. Learn more on our Additional FSA Features page.