WageWorks

HSA-Compatible Flexible Spending Account

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Healthcare Expenses}

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.

Spot Photo HSA FSA Final

Why you need it

  • Maximize your tax savings with both an HSA and a Healthcare FSA
  • Save an average of 30% on this year’s eligible out-of-pocket dental and vision expenses while saving for future healthcare expenses
  • Use a single smart payment card to access funds in both accounts

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decide how much to contribute to your account to pay for this year’s eligible dental and vision expenses, and funds are withdrawn from your paycheck for deposit into your account before taxes are deducted.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.