Flexible Spending Accounts
Using a Flexible Spending Account (FSA) is like getting a discount on everyday health and/or dependent care expenses because you’re paying with tax-free money. There are separate FSAs for healthcare and dependent care.
2024 Accounts (July – December 2024):
You may enroll in either one or both FSAs for a short plan year (7/1/2024 – 12/31/2024). To enroll, visit ADP. Important: If you are currently enrolled in one of the FSAs, your participation will end on June 30, 2024 unless you re-enroll. FSA elections do not carry over to the next year. Note that there will be a separate FSA open enrollment period in November, for the next calendar year beginning January 1.
We offer two types of FSAs, both administered by WEX:
- Healthcare Flexible Spending Account to use for eligible medical, prescription, dental, and vision expenses
- Dependent Care Flexible Spending Account to use for child care and elder care expenses only (healthcare expenses are not eligible)
Key Features
- Tax-free money – Money goes into your FSA tax-free and comes out tax-free when it’s used for eligible expenses.
- Convenient payroll deductions – Contribute to your FSA easily and effortlessly.
- Helpful budgeting tool – Plan for upcoming expenses by setting aside money for each paycheck.
- FSAs Run on a Calendar Year Basis – FSAs have a separate enrollment window each November. At that time, you will be able to re-enroll and continue or change your FSA contributions if you wish to participate in one or both FSAs again.
FSA Resources
Manage your FSA
What’s Eligible?
FSA Claim Forms
File a claim in the WEX mobile benefits app
How Much Could You Save?
Here’s an example. Let’s say Tom decides to set aside $2,000 in an FSA for the year. Normally, on that money, he’d pay $560 in federal income tax, $100 in state income tax, and $153 in FICA tax. So, by contributing that $2,000 to his FSA, he’ll get an $813 tax savings for the year.
| Without the FSA, Tom would pay … | Savings |
| 28% in federal income tax | $560 |
| 5% in state income tax. | $100 |
| 7.65% in Federal Insurance Contributions Act (FICA) tax | $153 |
| His total tax savings for the year with an FSA | $813 |
This hypothetical illustration is for educational purposes only. Dollar amounts or savings will vary depending on income, state and city tax rules, and other factors. Please consult a tax, legal, or financial advisor about your own personal situation.