Flexible Spending Accounts Open Enrollment:
- What is an FSA? Review the FSA Brainshark video to understand your FSA Accounts.
- IRS Account Limits for 2020 & 2021: Current limits are $2,750 for healthcare FSA and $5,000 for the dependent care FSA
- Health Care FSA (for eligible medical, dental and vision expenses)
- Eligible Healthcare FSA Expenses (WageWorks)
- Eligible Healthcare FSA Expenses (IRS Publication 502)
- If you participate in the PPO Plus HSA Plan, you may participate in a "Limited Purpose Health Care FSA."
- Carryover Provision: You may carry over up to $500 of any leftover Health Care FSA contributions for use in the following year.
- Dependent Care FSA (for eligible daycare expenses for a child or elder)
Because the IRS governs these accounts, you must make a new election each year if you want to participate. You are also required to use your account balance by the end of the calendar year or you will lose the remaining balance.
To contact WageWorks, go to www.WageWorks.com or call 1-877-924-3967.