Flexible Spending & Health Savings
Administered by WEX
Customer Service 866.451.3399, firstname.lastname@example.org
FSA (Flexible Spending Account)
- Medical FSA Employee Handout
- Dependent Care FSA Employee Handout
- FSA Benefits Card - To request replacement or additional FSA Benefits Cards
- FSA Reimbursement Claim Form
- FSA Store
- Mobile App
- Benefits Technology and Resources
HSA (Health Savings Account)
- HSA Employee Handout
- HSA Benefits Card - To request replacement or additional HSA Benefits Cards
- HSA Transfer Form - This form should be completed by any employee who wishes to transfer prior HSA funds to Discovery Benefits
- Mobile App
Annual Contribution Limits
|Total for 2023-2024|
|Dependent Care FSA||$5,000|
|Health Savings Account||$3,850 single
There are two types of FSAs:
1. A medical FSA is a benefit that allows you to choose how much of your paycheck you’d like to set aside,
before taxes are taken out, for healthcare expenses. This saves you money by reducing your taxable income.
Use your medical FSA for thousands of eligible items, including:
• Copays, deductibles, and coinsurance
• Prescriptions and dental work
• Frames, contacts, and prescription glasses
• Over-the-counter medications
2. A dependent care FSA allows you to put aside a portion of your paycheck before taxes for
eligible dependent care expenses each year.
Use your dependent care FSA for eligible expenses, including:
• Childcare services for children up through age 12, such as daycare center, babysitter, or nanny
• Before or after school care and summer day camp
• Elder Care
Eligible and Ineligible Expenses
The IRS determines what expenses are eligible and ineligible. You can view eligible and ineligible expenses in the link below. If you are unsure about whether an expense is eligible or not, contact WEX at 866.451.3399.
If you do not use all the money in your medical FSA for expenses incurred, you will forfeit the unused balance with the exception of $570. The medical FSA has a rollover feature which will rollover up to $570 remaining in your medical FSA to the next plan year. Amounts over $570 will be lost.
Expenses must occur within the plan year, by August 31. Claims for the 2022-2023 Plan Year must be filed with WEX by September 30, 2023. Claims for the 2023-2024 Plan Year must be filed by September 30, 2024.
Health Savings Account
A health savings account (HSA) is a benefit that allows you to choose how much of your paycheck you’d like to set aside, before taxes are taken out, for healthcare expenses or use as a retirement savings tool. It is similar to the FSA except the money is yours to keep. *Please note that the HSA is not funded upfront; funds are posted to your account about two weeks after a paycheck deduction.
- You must enroll in TRS ActiveCare HD to participate. If you are not enrolled in this plan, you cannot contribute to an HSA
- You cannot contribute to both an HSA and an FSA at the same time.
- Unused money rolls over to next year. There is no limit to how much money you can have in your HSA at any time.
- You may also choose to invest the money for the long-term.
- You can continue to use the funds in your HSA for qualified medical expenses, even if you are no longer enrolled in a qualified plan.
If you are considering enrolling in the HSA contact WEX at 866.451.3399.