For full-time employees, the Company’s Flexible Spending Accounts (FSA) can help you save money. By paying for eligible health care and dependent care expenses for you or your qualified dependent(s) with an FSA, you reduce your taxable income and pay no federal, state or social security taxes on the money used for those expenses. You must enroll each year to participate. FSA plans contain a “Use It Or Lose It” provision—please plan carefully! Should you leave the Company, benefits terminate on your last day of employment.
Health Care Flexible Spending Account
Use your health care FSA to pay for eligible medical, pharmacy, dental and vision expenses for you and your dependents, including, but not limited to, the cost of co-pays, coinsurance, eye glasses, orthodontia, chiropractic care, and eligible over-the-counter drugs. For plan year 2018, the maximum amount you can contribute to your health care FSA is $2,650. For a list of eligible expenses, visit www.wageworks.com.
Dependent Care Flexible Spending Account
Use your Dependent Care FSA to pay for eligible child care (up to age 13) and elder care expenses you incur because you and your spouse work. By law, the maximum amount you may contribute to any Dependent Care FSA for your family is $5,000 (or $2,500 if you are married and filing a separate return each calendar year). In addition, your provider of care must furnish you with either his/her Social Security Number or Tax Identification Number. For a list of eligible expenses, visit www.wageworks.com.
Flexible Spending Account Management
Managing your account is easy. With a variety of payment and reimbursement options, your WageWorks FSA is easy to use. For Health Care FSAs, you’ll be provided with a convenient WageWorks Healthcare Card giving you swipe-and-go convenience. You also have the option to submit your receipts using the WageWorks EZ Receipts mobile app. Go to www.wageworks.com, to manage important aspects of your FSA, including:
- Submit claims
- Check your balance
- Access forms
- View claim status and history
- Add a dependent
- Sign up for electronic notifications
WageWorks EZ Receipts Mobile App
You also have the option to submit your receipts using the WageWorks EZ Receipts Mobile App. This quick and easy way to manage your WageWorks benefits puts the power of the WageWorks web portal in the palm of your hand. By installing the free app to your mobile device, you can log in to your WageWorks account and check your balances, submit claims, snap and submit photos of receipts—all on the go.
Add Up Your Savings:
You save by reducing the amount of your earnings which are subject to federal income tax, FICA (Social Security) tax, and where applicable, state income tax. Exactly how much you save depends on how much you contribute each year and on your tax situation. Most people can save between $30 and $40 in taxes for every $100 contributed.
The bottom line: You keep more of your hard-earned money—instead of giving a portion to the IRS—by using tax-free dollars for expenses you face throughout the year. And with the various mobile and online resources available, spending your account funds couldn’t be any easier.
Learn More and Compare
Delve into the inner workings behind common health account types at www.myhealthsavingsinfo.org. Each account type has its own unique characteristics and advantages, and this site will deliver need-to-know information that can help you make informed decisions regarding these particular accounts.