Flexible Spending Accounts

Flexible Spending Account

Flexible Spending Accounts (FSAs) allow you to put aside pre-tax money to pay for eligible health care or dependent care expenses throughout the year. FSA accounts are established on a “use it or lose it” basis, meaning if you do not use the money contributed each year, your remaining funds will be forfeited. You must actively enroll each year to participate in an FSA.

Health Care Flexible Spending Account:

This FSA is for health care expenses not paid by insurance, including copayments, exams, deductibles, vision care, and dental expenses. You may use your FSA money on expenses for yourself, your spouse, or your federally eligible dependent children up to age 26. The annual election limit in 2023 is $3,050.

Eligible expenses are set by the IRS and include:

Deductibles (for medical, dental and vision)

Copayments

Chiropractor costs, and more

Coinsurance

Prescriptions

 For a full list of eligible expenses, see IRS publication 502.

 

Dependent Care Flexible Spending Account:

This FSA is for dependent care expenses you incur to care for your eligible dependents, including daycare, after-school care for children up to age 13, or elder care. The annual election limit in 2023 is $5,000 per household for single taxpayers and married couples filing jointly, or $2,500 for married people filing separately. 

Examples of eligible dependent care expenses include:

Child or adult daycare center fees

Before-school or afterschool care (not including tuition expenses)

In-home care costs

Summer or holiday day camp

WEX is Howard University’s FSA administrator. Once enrolled in an FSA plan, you will be mailed a WEX Visa debit card. Please be advised that you also have the option to submit for reimbursement by calling WEX at 1-844-561-1337, or you can access your WEX account online at: WEX Login Link

For a full list of eligible expenses, see IRS Publication 969.

Claim Submission Deadline:

2023 Health Care FSA Claim Submission Deadline

If you are enrolled in a Health Care FSA for 2023, you must use your funds by December 31, 2023. All expenses incurred by December 31, 2023, must be submitted to WEX Health, Inc. no later than March 31, 2024, for reimbursement.

2023 Dependent Care FSA Claim Submission Deadline

If you are enrolled in a Dependent Care FSA for 2023, you may continue to incur claims through March 15, 2024, and file claims by March 31, 2024, to WEX Health, Inc. for reimbursement.