Flexible Spending Account

 

Healthcare FSA

You use your Healthcare FSA to pay for certain healthcare expenses that are not covered by your health insurance, such as the deductible, co-payments, and coinsurance. The Healthcare FSA can save you money too! You pay less income and Social Security tax when you contribute pre-tax money through payroll deduction. The money you contribute for the year is available to you on January 1, and is preloaded on your WageWorks Healthcare Card.

Reasons to Select a Healthcare FSA

            • You can contribute up to a maximum of $2,600 per year before taxes.
            • You can save an average of 30% on eligible healthcare expenses.
            • You can carry over a minimum of $50 and a maximum of $500 from one calendar year to the next — there’s low risk in losing your hard-earned money.
            • You have a 90-day run-out period until March 31, 2019 for reimbursement of eligible FSA expenses. Funds in excess of $500 that are not used before the run-out period will be forfeited.
            • You have access to the full amount of your contribution on your first day of coverage.
            • Your carryover Healthcare FSA funds do not count against the $2,600 maximum annual contribution limit.
            • You can use your FSA to pay for eligible medical expenses for family members who are considered a tax dependent.

Who is Eligible

            • Employees of state agencies or school boards
            • Employees of certain quasi-governmental agencies

Contact your Insurance Coordinator for details.

Who is Not Eligible

            • Retirees
            • Employees of an agency that does not participate in KEHP’s FSA/HRA program

Covered Expenses

            • Medical and prescription co-payments
            • Certain dental fees
            • Orthodontic treatment
            • Vision fees, including eyeglasses
            • Co-insurance
            • Wheelchairs

NOTE: See a comprehensive list of covered expenses at WageWorks.com/kehp. Check out other items that may be purchased with Healthcare FSA funds at the FSA Store www.fsastore.com.

 

Dependent Care FSA

You use your Dependent Care FSA to pay for dependent and adult daycare expenses while you are at work. You will save money on child and adult daycare expenses because you are using tax-free funds to pay for preschool, summer day camp, before/after school programs, and child or adult daycare.

Reasons to Select a Dependent Care FSA

            • You can save an average of 30% on preschool, summer day camp, before/after school programs, child or adult daycare, and more.
            • You reduce your overall tax burden. Your funds are withdrawn from your paycheck for deposit into your Dependent Care FSA before taxes are deducted.
            • Convenient, no-hassle payment and reimbursement options.

Per federal law, the maximum that you can contribute per year is based on your tax filing status as listed below:

            • Married, filing a joint return $5,000
            • Head-of-household $5,000
            • Married, filing separate returns $2,500.

Who is Eligible

            • Employees of state agencies or school boards
            • Employees of certain quasi-governmental agencies

Contact your Insurance Coordinator for details.

Who is Not Eligible

            • Retirees
            • Employees of an agency that does not participate in KEHP’s FSA/HRA program

Covered Expenses

            • Day care expenses, up to age 13
            • Adult day care expenses
            • Certain after-school programs

Claim Filing

You can arrange for convenient direct payments to your provider, or you can pay dependent care expenses yourself and request reimbursement. You can manage your account on WageWorks EZ Receipts mobile app.
Carefully estimate how much you want to contribute.  Per IRS guidelines, Dependent Care FSA funds cannot be carried over year to year.  You have a 90-day run-out period until March 31, 2019 for reimbursement of eligible FSA expenses.  Funds not used before the run-out period will be forfeited.