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-of pocket 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decide how much to contribute to your account to pay for this year’s eligible dental and vision expenses, and funds are withdrawn from your paycheck for deposit into your account before taxes are deducted.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. Fortunately, your employer offers a grace period, which allows you to incur eligible expenses up to 2 ½ months after the plan year ends. At the end of the grace period, any unused funds in your HSA-Compatible FSA will be forfeited.
How you use it
With a variety of payment and reimbursement options, your WageWorks HSA-Compatible FSA is easy to use. The WageWorks Healthcare Card makes it easy for you to pay for many eligible dental and vision care expenses, like copayments for dentist and optometrist visits, orthodontia, and new eyeglasses or contact lenses.
Pay My Provider. Arrange for convenient direct payments to your healthcare provider. Simply log into your WageWorks account and fill out a form to have eligible expenses paid directly from your account.
Pay Me Back. Arrange for account funds to be directly deposited into your bank account or a check to be mailed to reimburse you for eligible expenses you've already paid.
Pay by Prepaid Card: You may use the convenient WageWorks Healthcare Card, which works like a debit card, to pay for hundreds of eligible healthcare products and services. Just don't forget to save your receipts as some expenses may need to be verified.
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.
How You Get It
Ready to save? Sign up for a WageWorks HSA-Compatible 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 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.