Flexible Spending Account

Flexible Spending Account

You can save several hundred dollars annually by establishing a Flexible Spending Account (FSA) through HealthEquity/WageWorks.

These are IRS-approved accounts into which you may elect to put money to pay for many out-of-pocket health care and/or dependent care expenses. You do not pay taxes on this money, which means more money in your pocket!

  • Employees must enroll online during Open Enrollment. The deadline to enroll is Nov. 30, at 4:45 p.m.

  • The amount that can be deferred into an FSA Medical Spending Account for 2022 will remain at $2,750 The Dependent Care Spending Account limit will remain at $5,000.

  • To learn more about the FSA program and how it can help you save money, visit the HealthEquity/WageWorks website at wageworks.com.

  • Health Equity/WageWorks also offers an online store stocked with FSA-eligible products, helping you eliminate the confusion of which products are eligible with your account. The store accepts all FSA and major credit cards, offers 24/7 customer service, one-to-two-day turnaround for all orders, and free shipping on orders $50+. For more information, visit wageworks.com/FSAExtras.

  • 2022 medical spending accounts will have a carryover of $550 into 2023.

For additional information, visit our FSA website. 

Important Reminders

Please note the following regarding Flexible Spending Account (FSA) funds and the planned High Deductible Health Plan (HDHP) for 2023:

  • Unspent funds up to $550 in an employee’s medical FSA at the end of 2022 will roll over to 2023; however, per IRS rules, participation in an FSA disqualifies participation in an Health Savings Account (HSA).

  • Employees who enroll in the HDHP in 2023 and would like to participate in the HSA must either spend down their medical FSA balance in 2022 or forfeit any unused funds. Rolling over unused funds would disqualify an employee from contributing to the HSA.

Last updated: 09/23/2022