Flexible Spending Accounts
These accounts help you reduce your taxes and save money by using pre-tax money to reimburse your out-of-pocket expenses. You can save up to 40% of your pledge amount in lower taxes.
Employees may enroll in FSAs within 31 days of their date of hire or benefits eligibility date.
Types of Flexible Spending Accounts
Health Care Account
This account is like a pre-tax savings account for health care expenses. Employees may set aside an amount of money from each pay period throughout the calendar year for out-of-pocket medical, dental, vision, and preschool expenses.
Some over-the-counter items such as insulin, bandages, birth control, first aid supplies, contact lens solution, etc. are covered.
This is a “use it or lose it” account so consider the pledge amount carefully. The annual maximum is $2,650. The minimum pledge is $480/year or $40/month for those hired later in the year.
Dependent Day Care Account
This account is like a pre-tax savings account for dependent day care related expenses for children age 13 and under.
Employees may set aside an amount of money for the remainder of the calendar year for day care related expenses, babysitters, pre-school (before kindergarten), and general purpose day camps.
Both parents must work in order to be eligible for the dependent day care account.
The annual maximum is $5,000.
Unlike the Health Care FSA, the Dependent Day Care FSA can only be used once your contribution has been deposited.
There are three payment choices: Pay Me Back (uses direct deposit), Pay My Provider, or Pay By Card.
Claims may be made up until March 31st of the following year, but the claims can only refer to expenses incurred in the plan year (January 1-December 31).
WageWorks Contact Information
Hours: Monday-Friday 7 A.M. - 7 P.M. CST
Submitting FSA claims or questions:
Attn: Claims Administrator
PO Box 14326
Lexington, KY 40512