Flexible Spending Accounts

Flexible Savings Accounts can help you save money on health care and dependent care expenses throughout the year. By participating in one or more of these accounts, you use tax free dollars to pay for certain out of pocket expenses. The Institute offers the following FSAs: 

Health Care Flexible Spending Account

Dependent Care Flexible Spending Account

This benefit allows an employee to direct a portion of his or her salary on a pre-tax basis to an account to be used to pay for medical, dental, vision care, or other health-related expenses that are not covered or reimbursed under any other plan. By doing this, an employee may utilize tax savings on the amount set aside. Be sure to keep receipts and other supporting documentation related to your FSA expenses and reimbursement requests. Per IRS regulations, Wex may be required to request itemized receipts to verify your FSA expenses.

What expenses are eligible

To view a list of currently eligible expenses, see the "Eligible Expense Items" list on the Wex web site at wexinc.com.These items may change from year to year, and the key to making the most of your FSA is knowing about the wide variety of eligible expenses. Common eligible expenses include co-pays and deductibles, bills for doctor or dental visits, medical tests, prescriptions, over the counter health care items such as bandages and thermometers (excluding most over the counter medicine unless prescribed by a doctor), eyeglasses or contacts, orthopedic, chiropractic, and nursing care, and more.

How much should be set aside?

You may set aside up to the IRS limit into your Flexible Spending Account. The IRS limit updates every calendar year. To help determine how much to set aside, you can use the online calculator tool at wexinc.com or download the worksheet below.

To request additional information, contact Erica Loring