Flexible Spending & Health Savings
FSA - Flexible Spending Accounts
The FSA is an optional savings account in which an employee elects to create an account with anywhere from a minimum of $250 annually to a maximum of $3050 annually (2023). Once the employee determines what is best for them that dollar amount is divided by 20 and deducted from each paycheck over 20 pay periods. The funds are preloaded onto a debit card and available to use immediately. However, only $610 (2023) will roll over each year.
What is a Medical FSA with Carryover?
- Pre-tax benefit account that pays for eligible expenses not covered by insurance
- Medical, Dental and Vision expenses
- Carryover up to $610 at the end of the plan year (2023).
How it Works:
Determine how much to contribute
- Estimate how much you’ll need
- Elect how much to contribute
- Funds are taken from your paycheck before taxes
How You Use It:
- Use your take care® Flex Benefits Card to pay instantly
- Works like a debit card, just swipe and go
- Funds come directly from your Medical FSA
- No PIN required
- You may also file a paper claim form along with supporting documentation for reimbursement. (visit Wageworks for claim forms.
- Examples of eligible Expenses
- Prescriptions for almost any medical condition
- Prescribed over-the-counter medicines, e.g. aspirin, cough syrup
- Co-payments, co-insurance, and deductibles
- Dental care, both preventive and restorative
- Vision care, eyeglasses, contact lenses, solutions
REMEMBER!:You will need to save your receipts even when you are utilizing your Flex Benefits Card.
Visit www.healthequity.com/wageworks for more information.
HSA - Health Savings Accounts
The HSA is an available option when an employee chooses our 5180/5181 high deductible insurance plan. The employee may contribute to the health savings account and the payments are deducted from each paycheck over 20 pay periods and deposited into a special checking account. This money is always the employee's money; unused funds will roll over each year.
Due to IRS requirements, HSA enrollees using our Wellness Center are responsible for a $25 fee per visit
Your funds are available as soon as they are deposited and you can use your money in two ways:
- Pay for out-of-pocket costs when you receive
medical, prescription, dental, or vision care
- Leave the money in your account so it will carry
over from year-to-year and grow tax-free
- Please remember that you’ll need to enroll in our HDHP + HSA plan to join our HSA.
- Remember, you cannot contribute to an HSA if you’re in another medical plan (including Medicare or TRICARE) or are a dependent on someone else’s tax return. In these cases, you can still enroll in the HDHP plan, but you’ll need to opt out of the HSA. any HSA withdrawals that are used for non-qualified expenses will be subject to taxation per IRS regulations
How it Works:
$0 (No income tax is applied)
$900 Tax-free money to cover medical expenses
Visit www.mybenefitwallet.com for more information.
New Health Flexible Spending Account FSA Debit Cards Issued
WageWorks has merged with HealthEquity. As of the September 2022 benefit month, your Flexible Spending Account (FSA) will be administered on an enhanced HealthEquity proprietary platform. This communication informs you of important information about participating in these benefits.
Filing FSA Claims for services prior to September 1, 2022
When filing your claim, you must attach copies of the receipts. The receipt must show the date and type of service. Cancelled checks, credit card slips or statements showing only a balance due on your account are not allowable. Keep a copy of the claim form and supporting documents for your records
Fax: For faster service, fax your claim with receipts to 877-782-8889. Your claim form is your fax cover page. After you fax a claim and receipts, please do not follow up with a postal mail or email.
Email: For even faster service, scan your claim form with receipts into a single PDF. Your claim form should be the first page of your scan. Email the PDF to firstname.lastname@example.org. After you email a claim with receipts, please do not follow up with a postal mail or fax.
Mail: If you don't use email or fax, postal mail your claim with receipts to: take care by WageWorks, PO Box 14054, Lexington, KY 40512