Flexible Spending Accounts Administered by WEX Benefits
Healthcare Flexible Spending Account (HCFSA)
Dependent Care Flexible Spending Account (DCFSA)
A DCFSA is a pre-tax benefit account used to pay for eligible dependent care services, such as preschool, summer day camp, before or after school programs, and child or adult daycare.
Eligible Expenses: For more information on IRS-qualified expenses, visit https://www.wexinc.com/insights/benefits- toolkit/eligible-expenses/ This is a "use it or lose it" pre-tax spending account and allows for a maximum carryover of $610 from one year to the next. Unused HCFSA funds over the carry- over limit will be forfeited. A HCFSA is a benefit plan used to set aside funds on a pre-tax basis to pay for eligible medical expenses not covered by your health insurance. You do not need to be enrolled in a rag & bone medical plan to participate in the HCFSA. You can use your HCFSA funds for things such as deductibles, coinsurance, copays, prescriptions, and medical equipment.
Eligible dependents include children up to age 13 or a dependent who is physically or mentally incapable of self-care.
You can contribute up to $5,000 per married couple in 2023 (or up to $2,500 if you and your spouse file separate tax returns). Unused DCFSA funds will be forfeited at the end of the year with no carry- over.
2023 IRS Limits Healthcare FSA
Dependent Care FSA
Maximum Contribution Limit
$3,050
$5,000
Carry-Over Maximum
$610
N/A
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