Health FSA:
Up to a max of $3,050 can be contributed to the medical FSA per calendar year. Deductions will be taken out of paychecks for the period of December (this check is paid in January) through June, and September through November. WEX will provide reimbursement for eligible medical expenses that surpass the employee's deductions to date, as long is it is still within the annual contribution amount. Participants may be required to provide documentation and/or substantiate claims submitted. WEX may deny reimbursement if a claim is not shown to be an eligible expense. Eligible expenses typically include healthcare deductibles, copayments, and other approved medical, dental, or vision costs. Up to $610 of unused funds can be rolled over to the next calendar year. Any unused funds beyond $610 will be forfeited.
Dependent Daycare FSA:
Up to a max of $5,000 can be contributed to the dependent daycare FSA per calendar year. Deductions will be taken out of paychecks for the period of December (this check is paid in January) through June, and September through November. WEX will only provide reimbursement for eligible daycare expenses up to the amount that has been deducted from the employee's paycheck at that time. Participants may be required to provide documentation and/or substantiate claims submitted. WEX may deny reimbursement if a claim is not shown to be an eligible expense. Eligible expenses typically include enrollment fees for daycare centers for before and after school care for dependents under the age of 13, a spouse who is unable to work and care for themselves, or other adult dependent who is unable to care for themselves and for whom the employee can claim the dependent exemption on their taxes. It usually cannot be used for payment to a family member who may be assisting with daycare services. Please note - the Dependent Care FSA maximum annual contribution limit for 2024 is $5,000 per household, or $2,500 if married, filing separately.