Flexible Spending Accounts
Flexible Spending Accounts (FSA's) are a great way to save on your eligible out-of-pocket health and/or dependent care programs. FSA's let you set aside tax-free dollars from your paycheck to pay for eligible, unreimbursed health and/or dependent care expenses you incur during the year.
You must make new elections to your flexible spending accounts each annual enrollment. It's important to plan carefully when determining your contributions. In exchange for the tax advantages of flexible spending accounts, the IRS requires you to forfeit any unused money in your account at the end of the year. And, you can't transfer money between accounts.
There are two kinds of FSA's you can participate in:
You may participate in one or both of the flexible spending accounts. Both accounts work the same way. When you enroll, you decide how much to contribute to each account. During the year, you draw money from your account to pay eligible expenses with your tax-free dollars.
There are several key features available to our participants.
- Convenient Payment Options:
- Debit Card (for medical accounts only) - employees can use the debit card to pay for expenses.
- Pay My Provider - tell WageWorks how much to pay the provider and when to send the payments and WageWorks will write a check directly from your Dependent Care account or your Health Care account to your provider.
- Pay Me Back - you pay the provider directly and complete a simple claim form for reimbursement.
- Up-to-the minute account information, including real-time status on all claims, available online at http://www.wageworks.com or by calling 1-877-Wageworks (1-877-924-3967.) In addition, you can choose to have your quarterly statements sent to you by email or by mail.
- Helpful Tools, available online at www.wageworks.com, include an expense calculator and a list of eligible expenses for both the Health Care FSA and Dependent Care FSA.
FSA Contacts
