You can save several hundred dollars annually by establishing a Flexible Spending Account (FSA) through HealthEquity/WageWorks.
These are IRS-approved accounts into which you may elect to put money to pay for many out-of-pocket health care and/or dependent care expenses. You do not pay taxes on this money, which means more money in your pocket!
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Employees must enroll online during Open Enrollment. The deadline to enroll is Nov. 15, at 4:45 p.m. Previous elections do not roll over to the next calendar year.
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The amount that can be deferred into an FSA Medical Spending Account for 2024 is increasing to $3,050. The Dependent Care Spending Account limit will remain at $5,000.
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To learn more about the FSA program and how it can help you save money, visit the HealthEquity/WageWorks website at wageworks.com.
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Health Equity/WageWorks also offers an online store stocked with FSA-eligible products, helping you eliminate the confusion of which products are eligible with your account. The store accepts all FSA and major credit cards, offers 24/7 customer service, one-to-two-day turnaround for all orders, and free shipping on orders $50+. For more information, visit wageworks.com/FSAExtras.
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IMPORTANT: If choosing the HDHP, all FSA monies must be spent by Dec. 31, 2023.
For additional information, visit the FSA website.
