Healthcare FSA
With the Healthcare FSA, you can contribute up to $3,050 for 2024 and use the money toward out-of-pocket healthcare expenses for you and your eligible family members. It’s easy to set aside money through payroll deductions, and easy to pay, too — just use your convenient FSA debit card at the time of service, or pay out of pocket and submit for reimbursement later.
The amount you elect to contribute to your FSA will be available for you to use as of January 1, 2024.
The Healthcare FSA is available to you if you enroll in a traditional medical plan and neither you nor your spouse is contributing to a Health Savings Account (HSA).
Limited Purpose Healthcare FSA
With the Limited Purpose FSA, you can contribute up to $3,050 for 2024 and use the money for eligible dental and vision care expenses that are not covered by your dental or vision plans or HSA, such as deductibles, coinsurance, copays and orthodontia.
The Limited Purpose Healthcare FSA is available to you if you enroll in the HDHP 3000 Medical Plan and the WEX HSA.
Dependent Care FSA
You may contribute up to $2,500 to a Dependent Care FSA if you’re married and filing a separate income tax return or up to $5,000 if single or married and filing a joint income tax return. Use your pretax contributions to pay day care expenses for children age 13 and younger or for elder dependents unable to care for themselves.
Eligible expenses are for care that’s necessary for you and your spouse to remain employed or attend school full time. Care may be provided through live-in care, babysitters or licensed day care centers.
Unlike the Healthcare FSA, you can be reimbursed only up to the amount available in your account after your payroll contributions.
Note: Some expenses that are eligible for your Dependent Care FSA may also be eligible for a credit on your federal tax return. Keep in mind that you cannot claim the same expenses for the Dependent Care FSA and the tax credit. Talk with your personal tax adviser to determine which alternative is best for you.
