Flexible Spending Accounts (Health Care and Dependent Care)
The Health Care FSAs and Dependent Care FSA account administrator is WEX.
Flexible Spending Accounts (FSAs) are tax-advantaged accounts that let you pay for eligible medical, dental and vision expenses. The limited-purpose Health Care FSA is only for eligible dental and vision expenses.
There are three types of FSAs:
For your HCFSA, you may roll over up to 20% of unused funds from one year to the next.
For all FSAs, your 2024 election is set at waived. If you wish to have an FSA in 2024, you must make an active election and state your annual contribution. You cannot make a change during the year unless you have a qualifying life event. For claims you incur during the year, your claim submission deadline is no later than 90 days after the end of the year.
2024 Contribution Limits for FSAs
The IRS sets maximum contribution limits for FSAs. For 2024, you may contribute up to:
- $3,050 to a Health Care FSA (or limited-purpose HCFSA)
- $5,000 to a Dependent Care FSA (a lower limit may apply based on your IRS tax filing status and marital status).
Dependent Care FSAs let you pay for eligible home or daycare expenses for qualifying dependents. Consult with a tax advisor for more information.
You are eligible for a DCFSA if you, and your spouse if applicable, are working or looking for work or in school full time.
To pay for an eligible HCFSA expense, use your WEX Card or submit a receipt for reimbursement.
To pay for eligible DCFSA expenses, you can use your WEX Card or submit your receipt to WEX for reimbursement.