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Flexible Spending Account (FSA) Information

HealthEquity|WageWorks

Start Saving with Flexible Spending Accounts (FSAs)

As a pre-tax benefit, the money you contribute into the Health Care FSA (HCFSA) and/or Dependent Care FSA (DCFSA) is deducted from your paycheck before taxes are calculated.

FSA

  • The FSA plan is administered by HealthEquity | WageWorks.
  • Health Care FSA (HCFSA) pays for medical copayments and deductibles, as well as certain other covered medical and dental expenses.
  • Dependent Care FSA (DCFSA) can be used to pay for eligible dependent care services, such as preschool, summer day camp, before or after school programs, and child or adult daycare.
  • Annual Limits for 2022:
    • HCFSA - $2,850
      • Carryover amount - $570
    • DCFSA - $5,000 a year for single taxpayers and married couples filing jointly or $2,500 for married people filing separately. 
  • Contributions to the HCFSA and/or DCFSA are deducted on a pre-tax basis
  • You must enroll each year, if you want to participate in a FSA.
  • Customer Service at HealthEquity | WageWorks:  1-877-924-3967

Members can go to HealthEquity|WageWorks to create/sign in to their account

Know Before You Enroll in FSA

  • If you enroll in a FSA program at any point during the calendar year (Jan.-Dec.)please note that the amount elected is divided over the remaining pay periods in that year. For example:
  • Scenario 1
    If an employee is hire in September and elects to participate in FSA dependent care in the amount of $5,000 for the calendar year, FSA becomes effective in October. The annual amount elected ($5,000) will be deducted from the remaining six pay dates in that year. Between October through December, $8333.33 will be deducted on a pret-tax basis from the employees bi-weekly pay. Eligible expenses must be incurred during the calendar year (between October and December 31).
  • Scenario 2
    If an employee is hired in September and elects to participate in FSA health care in  the amount of $300 for the calendar year, FSA becomes effective in October. The annual amount elected ($300) will be deducted from the remaining six pay dates in that year. Between October through December, $50 will be deducted on a pre-tax basis from the employee bi-weekly pay. Eligible expenses must be incurred during the calendar year (between October and December 31).

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