Sign up for a WageWorks®Limited-Purpose FSA during your Open Enrollment period. Contact the person or organization managing your benefits enrollment today to get started!
A Smart Way to Maximize Your Savings
A Limited-Purpose Flexible Spending Account (FSA) is similar to a general-purpose Healthcare Flexible Spending Account. The primary difference is that the Limited-Purpose FSA is designed to be used for eligible dental and vision expenses only, such as orthodontia, dental cleanings, or vision exams. You can enroll in a Limited-Purpose FSA if you are covered under a medical plan that makes a Health Savings Account (HSA) available.
Simply decide how much to contribute to your Limited-Purpose FSA to pay for this year’s dental and vision expenses and funds are withdrawn from your paycheck for deposit into your account before taxes are deducted.
Keep More of Your Hard-earned Money
The money you contribute to a Limited-Purpose FSA is not subject to payroll taxes, so you end up paying less in taxes and taking home more of your paycheck.
Plan for the Year Ahead
Dental and vision expenses can add up quickly and a Limited-Purpose FSA lets you set aside funds – tax-free – to cover those costs. With a variety of convenient payment options, it’s easy for you to get reimbursed for eligible expenses.
There’s No Waiting
Access the full amount of your Limited-Purpose FSA on the first day of the plan year, giving you the option to cover large dental, orthodontia and visions expenses as they arise.
Watch Your HSA Funds Grow
Let your HSA funds accumulate and build a healthcare nest with low-cost investment options.
Easily Manage Both Accounts
Use the same smart payment card you already use to access funds in your HSA and view and manage all account activities via a single web portal and mobile app.
Want to Learn More?
If you have additional questions, please visit the HSA-Compatible FSA page on the WageWorks website by clicking here.
What is a Limited-Purpose FSA?
A Limited-Purpose FSA is a Flexible Spending Account (FSA) that is compatible with a Health Savings Account (HSA). If you’re enrolled in a qualified high-deductible health plan and have an HSA, you can maximize your savings by pairing your HSA with a Limited-Purpose FSA. This pre-tax benefit account lets you take advantage of the savings power of an HSA and a Healthcare FSA simultaneously.
What expenses are covered by a Limited-Purpose FSA?
Your Limited-Purpose FSA expands on the savings power of your HSA by covering eligible dental and vision care expenses, such as co-payments for dentist visits and new eyeglasses or contact lenses. For a complete list of eligible expenses, click here[A1] .
How is a Limited-Purpose FSA funded?
During your company's Open Enrollment period, you tell your employer how much you would like to contribute to your account for the coming year. The maximum amount you can contribute is determined by the IRS. For 2015, it is $2,550. Your employer then deducts your contribution amount (in equal portions) from your paychecks throughout the plan year.
How do I Use my Limited-Purpose FSA?
There are three ways to use your Limited-Purpose FSA to pay for dental and vision care expenses:
For a comprehensive list of FAQs, please visit the HSA-Compatible FSA page on the WageWorks website by clicking here.