How to Use the FSAs
You can enroll in an FSA and select your contribution as a new hire, every year during Open Enrollment or when you have a qualifying life event. You must re-enroll each year you want to have an FSA, per IRS rules.
Note: If you enroll in the Cigna HDHP with HSA plan, or your spouse is contributing to an HSA, you are not eligible to participate in the general purpose health care FSA. However, you may enroll in the combination health care FSA.
When you incur an eligible expense, you can use your FSA debit card or pay out of pocket and submit a reimbursement request with documentation.
All expenses for the FSAs must be incurred during the plan year: January 1 through December 31.
You have until March 31 of the following year (e.g., March 31, 2024, for claims incurred in 2023) to submit a claim for reimbursement. Any funds in the account after this date will be forfeited.
General purpose health care FSA
The general purpose health care FSA is available to you if you enroll in a traditional medical plan (such as the CIGNA PPO Premium, CIGNA EPO or Kaiser HMO) and neither you nor your spouse is contributing to a Health Savings Account (HSA).
You can contribute up to $3,200 in 2024 and use the money toward out-of-pocket health care expenses for you and your eligible family members. It’s easy to set aside money through payroll deductions, and easy to pay, too — just use your convenient FSA debit card at the time of service, or pay out of pocket and submit for reimbursement later.
For a full list of eligible expenses, see IRS Publication 502.
Combination health care FSA
The combination health care FSA is available to you if you enroll in the Cigna HDHP with HSA plan. You can contribute up to $3,200 in 2024.
With the combination health care FSA, you can use account funds to pay for eligible dental and vision expenses, such as deductibles, coinsurance, copays and orthodontia.
Once you have met the IRS statutory plan deductible of $1,600 for individual or $3,200 for family, you can then use your combination health care FSA to pay for any eligible medical, dental or vision care expenses. You will need to submit proof of your deductible being satisfied to WEX to take advantage of this feature.
Dependent Care FSA
You may contribute up to $2,500 to a Dependent Care FSA if you’re married and filing a separate income tax return or up to $5,000 if single or married and filing a joint income tax return. Use your pretax contributions to pay day care expenses for children age 13 and younger or for elder dependents unable to care for themselves.
Eligible expenses are for care that’s necessary for you and your spouse to remain employed or attend school full time. Care may be provided through live-in care, babysitters or licensed day care centers. For a complete list of eligible expenses, see IRS Publication 503.
Unlike the Health Care FSA, you can be reimbursed only up to the amount available in your account after your payroll contributions.
Note: Some expenses that are eligible for your dependent care FSA may also be eligible for a credit on your federal tax return. Keep in mind that you cannot claim the same expenses for the dependent care FSA and the tax credit. Talk with your personal tax adviser to determine which alternative is best for you.
