Flexible Spending Account (FSA) Information
Flexible Spending Account (FSA) Information
HealthEquity|WageWorks
Start Saving with Flexible Spending Accounts (FSAs)
As a pre-tax benefit, the money you contribute into the Health Care FSA (HCFSA) and/or Dependent Care FSA (DCFSA) is deducted from your paycheck before taxes are calculated.
FSA
- The FSA plan is administered by HealthEquity | WageWorks
- Voluntary plan whereby employees must enroll within 35 days from date of hire or during Open Enrollment using Benefitfocus
- Health Care FSA (HCFSA) pays for medical copayments and deductibles, as well as certain other covered medical and dental expenses.
- Dependent Care FSA (DCFSA) can be used to pay for eligible dependent care services, such as preschool, summer day camp, before or after school programs, and child or adult daycare.
- Annual Limits for 2024:
- Annual Limits for 2023:
- HCFSA - $3,050
- DCFSA - $5,000 a year for single taxpayers and married couples filing jointly or $2,500 for married people filing separately.
- Contributions to the HCFSA and/or DCFSA are deducted on a pre-tax basis
- You must enroll each year, if you want to participate in a FSA.
- Customer Service at HealthEquity | WageWorks: 1-877-924-3967
Members can go to HealthEquity|WageWorks to create/sign in to their account
Know Before You Enroll in FSA
- If you enroll in a FSA program at any point during the calendar year (Jan.-Dec.)please note that the amount elected is divided over the remaining pay periods in that year. For example:
- Scenario 1
If an employee is hired in September and elects to participate in FSA dependent care in the amount of $5,000 for the calendar year, FSA becomes effective in October. The annual amount elected ($5,000) will be deducted from the remaining six pay dates in that year. Between October through December, $833.33 will be deducted on a pret-tax basis from the employees bi-weekly pay. Eligible expenses must be incurred during the calendar year (between October and December 31).
- Scenario 2
If an employee is hired in September and elects to participate in FSA health care in the amount of $300 for the calendar year, FSA becomes effective in October. The annual amount elected ($300) will be deducted from the remaining six pay dates in that year. Between October through December, $50 will be deducted on a pre-tax basis from the employee bi-weekly pay. Eligible expenses must be incurred during the calendar year (between October and December 31).
About the Plan
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