SPENDING ACCOUNTS
Spending Accounts with WEX
As part of the benefits package, you have the option to enroll in Flexible Spending Accounts (FSA) such as Health Care, Dependent Care & Commuter FSA. FSAs allow you to set aside funds on a pre-tax basis that you can then use for qualified expenses.
HEALTH CARE FSA
A Health Care FSA is a pre-tax benefit account used to pay for eligible medical, dental, and vision care expenses. If you are enrolled in either of the HDHP Medical Plans, you may NOT enroll in the Health Care FSA but don’t worry you can elect an HSA.
How much can you contribute to your FSA in 2024?
You can elect up to the maximum of $3,200 to be deducted pre-tax for the plan year. These funds are available to you at the beginning of the plan year.
Will you receive an FSA Card?
Yes, WEX will mail enrollees a Visa Card to their home address listed in Workday. Contributions will be loaded to the card to pay for doctor’s bills, pick up prescriptions or any other eligible expense. If you are enrolled in the Dependent Care FSA, Commuter FSA and the Health Savings Account (HSA), WEX will send you one card to use for all plans.
What if you don’t spend all your FSA funds in the Plan Year (by December 31st)?
FSAs do have a 'Use it or Lose it' rule, meaning that any unused funds in the account at the end of the year will be forfeited to the IRS. However, HL allows you to carry over $640 into the next plan year. Any additional funds beyond $640 will be forfeited.
DEPENDENT CARE FSA (DCFSA)
A Dependent Care FSA is a pre-tax benefit account used to pay for eligible dependent care expenses for your children under the age of 13 or qualified elderly dependents.
How much can you contribute to your Dependent Care FSA in 2024?
You can contribute up to $5,000 for the plan year. These funds are available as they are contributed via payroll contributions.
What if you don’t spend all your FSA funds in the Plan Year (by December 31st)?
You have 90 days after the Plan Year is over (March 31st) to submit expenses incurred in the Plan Year for reimbursement. FSAs have a 'Use it or Lose it' rule, meaning that after April 1st, any unused funds in the account will be forfeited to the IRS. There is no rollover feature.
Will you receive a FSA Dependent Care Card?
Yes, WEX will mail enrollees a Visa Card to their home address listed in Workday. Contributions will be loaded to the card to pay for eligible dependent care expenses. If you are enrolled in the Dependent Care FSA, Commuter FSA and the Health Savings Account (HSA), WEX will send you one card to use for all plans.
You can use your DCFSA for:
· Licensed nursery schools
· Qualified childcare centers
· Adult day care facilities
· After school programs
· Summer camps for dependent children under age 13
· Preschool tuition
Additional Eligibility Details
If you are married, your spouse must also be working, actively looking for work, be a full-time student or disabled in order to utilize the Dependent Care FSA.
Dependent Care FSA & Tax Credit Details
The IRS allows you to claim work-related dependent care expenses as a credit on your annual tax return. You can use a Dependent Care FSA and claim the tax credit, as long as you do not claim the same expenses for both. Please consult your tax advisor to determine what scenario may make sense for you.
COMMUTER & TRANSIT SPENDING ACCOUNT
Commuter FSA is a pre-tax benefit account used to pay for eligible expenses to travel to and from work.
What is considered an eligible Commuter expense?
You can use your WEX Commuter Spending Account for transportation costs to and from work associated with:
- Public Transportation
- Parking
- Ridesharing
- Bike Maintenance & Repairs
Can you use this money to pay for gas?
Unfortunately, the Commuter FSA does not cover the cost of gas to drive to and from the office.
How much can you contribute to your Transit or Parking FSA?
You can elect up to $315 per month for 2024.
Will you receive a FSA Commuter Card?
Yes, WEX will mail enrollees a MasterCard to their home address listed in Workday. Your contributions will be loaded onto the card and can be used to purchase train and bus passes, parking at the Septa stations, or any other eligible expense.
Enrolled in Commuter FSA & HSA Plan?
If you are enrolled in the Commuter FSA and the Health Savings Account (HSA), WEX will send you one card to use for both plans.
