Healthcare Flexible Spending Account
with Grace Period
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.
Why You Need It
How It Works
Simply decide how much to contribute, and funds are withdrawn from each paycheck for deposit into your account before taxes are deducted.
Your total annual election amount is available on day one of your plan year.
How You Manage It
With a variety of payment and reimbursement options, your WageWorks Healthcare FSA is easy to use. The convenient WageWorks Healthcare Card associated with your account can be used to pay for hundreds of eligible healthcare products and services for you, your spouse, and your dependents.
Manage your account via a secure website on any computer or mobile device that’s connected to the Internet or via the WageWorks EZ Receipts® app.
It’s important to estimate your annual healthcare expenses and make your contributions carefully. Fortunately, your employer offers a grace period, which allows you to incur expenses up to 2-1/2 months after your plan year ends and maximize your FSA funds. At the end of the grace period, any unused funds will be forfeited.
You can contribute up to a maximum of $2,600 in 2017 to your WageWorks Healthcare FSA. A different limit may apply to you, according to your employer’s plan.
How You Get It
Ready to save? Sign up for a WageWorks Healthcare FSA during your Annual Open Enrollment period. If you are newly eligible (e.g. new hire), contact the GM Benefits & Service Center today at 800-489-4646!
Save Big with a WageWorks Healthcare FSA
If you make $60,000 a year and make the maximum contribution to your WageWorks® Healthcare FSA, you could take home $780 more in one year. That’s real savings!
|Your Estimated Tax Savings|
|Without Healthcare FSA||With Healthcare FSA|
|Gross annual pay (estimate)||$60,000||Gross annual pay (estimate)||$60,000|
|Estimated tax rate (30%)||-$18,000||Max. annual Healtcare FSA contribution||-2,600|
|Net annual pay||=$42,000||Adjusted gross pay||=$57,400|
|Estimated annual healthcare expenses||-$2,600||Estimated tax rate (30%)||-$17,220|
|Final take-home pay||=$39,400||Final take-home pay||=$40,180|
Take home this much more with a Healthcare Account $780
All figures in this table are estimates and based on an annual salary of $60,000 and maximum contribution limits to the benefit account. Your salary, tax rate, healthcare expenses, and tax savings may be different.
Calculate your potential savings based on your annual pay, contributions, budget, and spending patterns with FSA Calculator.