Healthcare Flexible Spending Accounts (HCFSA)
You choose how much to contribute for the year, up to the IRS maximum — in 2021, this is $2,750. The money comes out of your paycheck before it’s taxed, lowering your tax bill.
HCFSA Account Overview
- 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 $550 of unused money may be carried over to the next year; amounts above $550 will be forfeited.