Flexible Spending Account (FSA)

The Flexible Spending Account (FSA) helps you save on out-of-pocket health care expenses, including medical, dental, vision and prescription expenses for you and your dependents.

You choose how much to put into each account up to the IRS limits and will lose any unused funds not claimed by the FSA deadline. Your pre-tax payroll deductions are deducted equally throughout the year. Before you enroll, make sure to estimate all your possible expenses for the year.

IRS Annual Maximum FSA Contribution

If you are contributing to a Health Savings Account (HSA), you may still enroll in this FSA. Your annual FSA election may only be used for dental and vision expenses until you offer proof to WEX Benefits that you’ve met at least $1,650 of your HDHP deductible if enrolled as employee only, or $3,300 of your HDHP deductible if enrolled with dependents. Once proof is accepted by WEX, your FSA funds can be used to reimburse all qualified medical expenses.

Grace Period

Paul Hastings allows a 2 ½ month grace period (from January 1 until March 15) to incur claims for eligible FSA expenses. Expenses incurred during this grace period are deducted from the prior year’s FSA balance before the current year’s money is paid out. All unused funds will be forfeited.