HSA-Compatible Flexible Spending Account
If you’re enrolled in a qualified high-deductible health plan and have a Health Savings Account (HSA), you can maximize your savings with a WageWorks® HSA-Compatible Flexible Spending Account (FSA). With this pre-tax benefit account, you can take advantage of the long-term savings power of an HSA and use a Healthcare FSA specifically for this year’s eligible out-ofpocket dental and vision expenses.
Why you need it
How It Works
Simply decide how much to contribute to your account to pay for this year’s eligible dental and vision expenses, and funds are withdrawn from your paycheck for deposit into your account before taxes are deducted. Your total annual election amount is available on day one of your plan year. Be sure to estimate your annual out-of-pocket dental and vision care expenses carefully. Any money left unspent in your HSA-Compatible FSA at plan year end is forfeited.
How you use it
With a variety of payment and reimbursement options, your WageWorks HSA-Compatible FSA is easy to use. A single, convenient WageWorks Healthcare Card is associated with both accounts and can be used to pay for hundreds of eligible healthcare products and services for you, your spouse, and your dependents.
How you manage it
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.
How much you can contribute
You can contribute up to a maximum of $2,600 to your WageWorks HSA-Compatible 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 HSA-Compatible FSA during your Open Enrollment period. Contact the person or organization managing your benefits enrollment today!
Save Big with a WageWorks HSA-Compatible FSA
If you make $60,000 a year and make the maximum contribution to your WageWorks® HSA-Compatible FSA, you could take home $780 more in one year. That’s real savings!
|Your Estimated Tax Savings|
|Without HSA-Compatible FSA||With HSA-Compatible FSA|
|Gross annual pay||$60,000||Gross annual pay||$60,000|
|Annual family coverage HSA contribution||-$6,650||Maximum annual HSA-compatible FSA contribution||-$2,600|
|Adjusted gross pay||=$53,350||Maximum annual family coverage HSA contribution||-$6,650|
|Tax rate (30%)||-$16,005||Adjusted gross pay||=50,750|
|Annual dental/vision care expenses||-$2,600||Tax rate (30%)||-$15,225|
|Final take-home pay||=$34,745||Final take-home pay||=$35,525|
Take home this much more with a Healthcare Account $780
How Much Can You Save?
Calculate your potential savings based on your annual pay, contributions, budget, and spending patterns with calculator.