Healthcare Benefits

Employee Benefits

Healthcare FSA with Carryover

A WageWorks® Healthcare Flexible Spending Account (FSA) is a type of Healthcare FSA lets you carry over up to $500 in account balances from one plan year to the next. There’s no risk of “use it or lose it,” so there’s no reason not to enroll—or re-enroll—this year. Quit worrying and start saving!

See It In Action: Healthcare FSA with Carryover

How a Healthcare FSA with Carryover Works

A WageWorks Healthcare FSA with Carryover is a great way to save money while keeping you and your family healthy. What makes this type of Healthcare FSA different is that you can carry over up to $500 remaining in your account from one plan year to the next, so there’s no “use it or lose it” risk.

Here’s how your WageWorks Healthcare FSA with Carryover works. It’s as easy as 1-2-3.

Step 1: Make Your Annual Election

Decide how much to contribute to your account based on how much you plan to spend on out-of-pocket medical, dental, and vision care expenses for the year.

Don’t worry about estimating. You no longer have to precisely predict your out-of-pocket medical expenses a whole year in advance. You may carry over up to $500 remaining in your account from one plan year to the next.

Step 2: Start Saving

You decide how much to contribute to your account, and funds are withdrawn automatically from each paycheck for deposit into your account before taxes are deducted. The total annual election amount is available on day one of your plan year.

Step 3: Pay for Healthcare Expenses

Use your Healthcare FSA with Carryover to pay for eligible medical, dental, and vision services using several no-hassle payment and reimbursement options.

Why You Should Enroll in a Healthcare FSA with Carryover

A WageWorks Healthcare FSA has always been a great way to save money by using pre-tax dollars to pay for medical, dental, and vision care for you and your family.

A WageWorks Healthcare FSA with Carryover is even better—for lots of reasons. Here are the top three.

Reason 1: Less Risk, Less Worry

With your WageWorks Healthcare FSA with Carryover, you may carry over up to $500 left in your account at the end of one plan year to the next. There’s no “use it or lose it” risk.

Great for Healthcare FSA Rookies

If you’ve never had a Healthcare FSA before, now is the perfect time to try it out. Sign up for a WageWorks Healthcare FSA with Carryover and put at least $500 in your account. Even if you don’t use any of it this plan year, your $500 will be there for you to use in the next plan year. You’ll be surprised how easy it is to save money and how easy it is to use your account. Try it, you’ll like it!

Great for Healthcare FSA Veterans

If you’ve had a Healthcare FSA before, you know it’s a great way to save money. The money you put in a Healthcare FSA is not taxed. Assuming you pay a 30% combined state and federal tax rate, you can save up to 30% on healthcare expenses by paying for them with funds in your account. 

With your WageWorks Healthcare FSA with Carryover, there’s no “use it or lose it.” You don’t forfeit money left in your account at the end of the plan year. Any unspent balance of up to $500 will still be there for you in the next plan year.

Worried about estimating? Don’t do it! You no longer have to precisely predict your out-of-pocket medical expenses a whole year in advance. If you enrolled in a Healthcare FSA last year, there’s no reason not to enroll again and put more money into it this year.

Great for Healthcare FSA Skeptics

Maybe you’ve had a Healthcare FSA before. Maybe you lost money left in your account at the end of a plan year. Maybe you found your Healthcare FSA to be an administrative pain. Cumbersome. Clunky. More trouble than it’s worth.

Give a WageWorks Healthcare FSA with Carryover a chance. It’s remarkably easy to use. It makes saving an average of 30% on healthcare expenses a breeze. And now that you can carry over up to $500 in your account from one plan year to the next, there’s no risk of losing your hard-earned money. A WageWorks Healthcare FSA with Carryover will make you a believer.

Reason 2: More Flexibility

Your WageWorks Healthcare FSA with Carryover gives you more flexibility. You can spend your money when and how it suits you best. Need a new pair of eyeglasses in December, but you can’t get an appointment to adjust your prescription until January? No problem. You can carry over up to $500 from one plan year to the next.

With a WageWorks Healthcare FSA with Carryover, you can tap into your account to pay for eligible healthcare expenses when they arise, rather than rushing to spend it down at the end of the year (or during a 2½ month grace period).

Reason 3: More Savings

Your WageWorks Healthcare FSA with Carryover delivers real tax savings. You use pre-tax dollars to pay for doctor and dental office visits, prescription drugs, contact lenses, and more. Money is withdrawn from your paycheck for deposit in your Healthcare FSA before taxes are deducted, which reduces your overall tax burden.

And now you can carry over up to $500 remaining in your account from one plan year to the next, so there’s no reason not to take advantage of the tax savings this year—and every year.

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