Healthcare FSA

Covered expenses include deductibles, coinsurance, vision, hearing care, orthodontia, and other eligible expenses not covered by your health care plan. Expenses are covered for you and your eligible tax dependents. Participants may set aside up to $3,050 per year (in 2023) and $3,200 (in 2024) to cover healthcare expenses. Eligible flexible spending account expenses are listed in IRS Publications 502 and 503, which you can obtain through the IRS Website. You always have until March 31st of the following year to submit claims for expenses incurred in the previous year.

You will be allowed to continue to use your previous year’s dollars for up to 75 days after January 1st, for dates of service through the 75 days (i.e. March 15th). For new expenses incurred during this 75-day grace period, you may continue using your debit card and Wex Health will automatically use dollars from your previous year’s balance. Claims for expenses incurred during this 75-day grace period must be submitted to Wex Health by no later than March 31st.

*You must renew your FSA elections every year. Even with no changes, FSA elections will not carry over from one year to the next.

*Participants in a Health Savings Account (HSA) may NOT participate in a Healthcare FSA.

The FSA debit card is an additional convenience offered to you in conjunction with your Flexible Spending Account. The card is a useful and easy to use tool, similar to a bank debit card that allows you to remove funds from your FSA account with a simple swipe at a merchant payment terminal. By using the FSA debit card to purchase eligible expenses, you avoid paying for a purchase with money out of your pocket. Approximately 95% of all FSA card transactions are approved automatically. In some cases, however, you may be required to substantiate your claim, so you must retain all receipts.