A Healthcare Flexible Spending Account, or "FSA," is a pre-tax benefit account that you can use to pay for eligible medical, dental, and vision care expenses that aren’t covered by your health insurance plan. You decide how much to contribute to your Healthcare FSA each year, and funds are withdrawn automatically from each paycheck for deposit into your account before taxes are deducted.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 the first day of your plan year.
Generally, you need to spend the funds in your Healthcare FSA within the plan year. However, your employer may provide you a grace period of 2-½ months after the end of the plan year to spend funds left in your account. Or your employer may allow you to carry over up to $500 left in your account into the next plan year.
A lot of different kinds, you would be surprised. Your Healthcare FSA covers hundreds of eligible healthcare expenses, like co-payments for doctor visits, prescription drugs, and new eyeglasses or contact lenses.
Here's a handy list of eligible expenses to review, download, or print out for future reference. Please keep in mind that IRS rules determine which expenses are eligible, and some expenses require a doctor's note or prescription to be eligible for reimbursement under your Healthcare FSA.
Your Healthcare FSA does not cover these expenses:
Looking for a particular type of expense? Please check the list of eligible expenses or log into your WageWorks account for a comprehensive list of eligible expenses under your particular Healthcare FSA.
There are several ways you can use the funds in your Healthcare FSA:
It depends on the type of Healthcare FSA program your employer has in place. There are three scenarios for funds that are left unspent in your account at the end of the plan year:
Your employer decides on which type of FSA account they offer. To find out which scenario applies to you, log into your WageWorks account or ask your employer.
Sorry, you can only change the amount you contribute to your Healthcare FSA if you meet one of these special circumstances, which are determined by the IRS:
If you believe you qualify for a change of your election, please contact your employer. To make sure you’re contributing the right amount to your Healthcare FSA—neither too much nor too little—we recommend that you carefully estimate your healthcare expenses prior to your company’s next Open Enrollment period, at which time you can adjust your election amount for the next plan year.
Sorry, you can only change you election if you meet any of these special circumstances, which are determined by the IRS:
If you believe you qualify for a change of your election, please contact your employer. And if your employer offers carryover, don't forget you can carry over up to $500 of unused funds into the next plan year, so you won't lose them, even if you don't spend them in the first year.
There are two ways to submit a receipt for reimbursement:
If you use your WageWorks Healthcare Card to pay for FSAStore.com items, then no, you typically don’t have to submit receipts to verify the eligibility of your purchases. FSAStore.com is a certified IIAS merchant, and WageWorks can verify the eligibility of your purchase without needing additional documentation in most cases.
Keep in mind that if you use another form of payment to pay for FSAStore.com items and submit a claim for reimbursement, you need to submit a receipt to verify the eligibility of your purchase. We recommend that you always keep receipts in the event that information needs to be verified.