WEX Flexible Spending Account (FSA)

Flexible Spending Accounts (FSAs) allow you to set aside money on a pre-tax basis to pay for qualified out-of-pocket health care or dependent care expenses.  Because the money is deducted from your paycheck on a pre-tax basis you will reduce the amount of your taxable income. 

HBC offers a Limited Purpose Health Care FSA, General Purpose FSA, and Dependent Care FSA. 

These accounts are separate - you cannot use money from a Health Care FSA to cover expenses eligible under the Dependent Care FSA or vice versa. 

If you elect the Cigna PPO medical plan and earn Wellness Incentives, they are contributed to a General Purpose FSA. Unlike an HSA, these funds do not roll over and you must use them by the end of the year.  

How Flexible Spending Accounts Work

1. Each year, during Annual Enrollment, you decide how much to set aside for health care and/or dependent care expenses.

2. Your contributions are deducted from your paycheck on a pre-tax basis in equal installments throughout the calendar year. 

3. As you incur health care or dependent care expenses throughout the year, you'll need to submit a claim form for reimbursement.  Your claims will be processed and you will be reimbursed from your account.  The Health Care FSA also includes a payment card that you can use to pay for eligible expenses at the point of sale.  If you use the card to pay for eligible medical expenses, you will not have to file a claim for reimbursement, as you have not had any out-of-pocket cost.  However, you should retain your receipts as you may be required to provide them to substantiate your expenses.