Overview

FSA enrollment occurs each November for the following calendar year.
Using a Flexible Spending Account (FSA) is like getting a discount on everyday health and/or dependent care expenses because you’re paying with tax-free money. There are separate FSAs for healthcare and dependent care.

You may enroll in either one or both FSAs in November, during the annual Flexible Spending Account enrollment period for the next calendar year beginning January 1. To enroll, visit Workday. Important: If you are currently enrolled in one of the FSAs, your participation will end on December 31, 2018 unless you re-enroll in November. FSA elections do not carry over to the next year.

2018 – 2019 accounts:

We offer two types of FSAs, both administered by WageWorks:

Key features

  • Tax-free money – Money goes into your FSA tax-free and comes out tax-free when it’s used for eligible expenses.
  • Convenient payroll deductions – Contribute to your FSA easily and effortlessly.
  • Helpful budgeting tool – Plan for upcoming expenses by setting aside money each paycheck.
money
How much could you save?

Here’s an example. Let’s say Tom decides to set aside $2,000 in an FSA for the year. Normally, on that money, he’d pay $560 in federal income tax, $100 in state income tax, and $153 in FICA tax. So, by contributing that $2,000 to his FSA, he’ll get an $813 tax savings for the year.


Without the FSA, Tom would pay … Savings
28% in federal income tax $560
5% in state income tax. $100
7.65% in Federal Insurance Contributions Act (FICA) tax $153
His total tax savings for the year with an FSA $813

This hypothetical illustration is for educational purposes only. Dollar amounts or savings will vary depending on income, state and city tax rules, and other factors. Please consult a tax, legal, or financial advisor about your own personal situation..

schedule
FSAs run on a calendar year basis

FSAs have a separate enrollment window each November. At that time, you will be able to re-enroll and continue or change your FSA contributions if you wish to participate in one or both FSAs again.

Healthcare Flexible Spending Account

  • You choose how much to contribute for the year, up to the IRS maximum — in 2018, this is $2,650. The money comes out of your paycheck before it’s taxed, lowering your tax bill.
    • Contributions are deducted over 21 pay periods with no deductions on the January 10, July 25, and August 10 pay periods.
    • You can only change your contribution amount during the year if your personal situation changes.
  • Pay for eligible healthcare expenses, including deductibles, copays, dental care, vision care, counseling, prescription drugs, and prescribed over-the-counter drugs and products not covered by a medical plan. See a complete list of eligible expenses.
  • Spend your money by swiping your FSA debit card, or log in to WageWorks to request reimbursement for payments you’ve made.
  • Your entire annual contribution is available to you from the beginning of the plan year.
  • Up to $500 of unused money may be carried over to the next year; amounts above $500 will be forfeited.

Dependent Care Flexible Spending Account

  • You choose how much to contribute for the year, up to the IRS annual maximum — in 2018, this is $5,000 (or $2,500 if married and filing separate tax returns). The money comes out of your paycheck before it’s taxed, lowering your tax bill.
    • Contributions are deducted over 21 pay periods with no deductions on the January 10, July 25, and August 10 pay periods.
    • You can only change your contribution amount during the year if your personal situation changes.
  • Use your account to pay for eligible dependent care expenses such as child day care and nursery schools, preschool programs, and elder care. See a complete list of eligible expenses.
  • Log in to WageWorks to request reimbursement for payments you’ve made.
  • Your entire annual contribution is available to you from the beginning of the plan year.
  • Unused money does not carry over at the end of each year — use it or lose it.