A WageWorks® Healthcare Flexible Spending Account (FSA) is a pre-tax benefit account used to pay for eligible medical, dental, and vision care expenses that aren’t covered by your insurance plan or elsewhere. It’s a smart, simple way to save money while keeping you and your family healthy and protected.
Why enroll in a WageWorks Healthcare FSA?
A Healthcare FSA lets you pay for qualified out-of-pocket healthcare expenses on a pre-tax basis. The money you contribute to a Healthcare 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 Healthcare FSA.
You can contribute up to a maximum of $2,550* to your Healthcare FSA each year. The IRS sets the annual contribution limits. A different limit may apply to you according to your employer’s plan.
A Healthcare FSA is an annual account. As a rule, the money you contribute to your Healthcare FSA must be used within the plan year.
That’s why it’s important to estimate how much you spend on eligible healthcare expenses for you and your eligible dependents each year before you decide how much to contribute to your Healthcare FSA.
Use this calculator to estimate your annual eligible expenses and determine an annual Healthcare FSA election amount that’s right for you and your family.
You should plan on a Healthcare FSA annual election amount that meets your needs for the entire plan year. As a rule, you can’t change your Healthcare FSA election amount during your plan year.
But there are limited circumstances when you can make changes. For example, if you experience what’s called a Qualifying Life Event, like a marriage or a birth, you may change your Healthcare FSA election amount mid-year.
It’s important to note that if you leave your job, any money left unspent in your Healthcare FSA stays with your employer. You can’t take your Healthcare FSA with you if you leave your company. But if you quit or are terminated from your job and you still have money left in your account, you may elect COBRA to continue your Healthcare FSA through the end of your plan year.
Nervous about enrolling in a Healthcare 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 Healthcare FSAs.
What happens to money left unspent in your account at the end of a plan year depends on the type of Healthcare FSA your employer has chosen for its employees. Depending on your employer’s plan, you may:
Check with your employer to find out which type of Healthcare FSA you have:
You enroll in or renew your enrollment in your Healthcare 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 Healthcare FSA and help you get started.
WageWorks makes saving simple. You decide how much to contribute to your Healthcare 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 Healthcare FSA each year is available on day one of your plan year.
With a variety of convenient payment options, your WageWorks Healthcare FSA makes it easy for you to get reimbursed for hundreds of eligible healthcare expenses, like copayments for doctor visits, prescription drugs, and new eyeglasses or contact lenses.
Payment options include:
Learn more about these payment options.
WageWorks makes it easy to manage your Healthcare FSA. Log into the WageWorks secure web portal to manage all aspects of your WageWorks account:
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 into your account, and check balances, submit claims, view transactions, snap photos of receipts, get account alerts by text or email—all on the go!