Flexible Spending Accounts
Flexible Spending Accounts (FSA) are benefit programs that allow you to use your pre-tax dollars to pay for eligible health care and dependent care expenses.
Wex will administer the 2024 FSAs for the City of Akron.
HEALTH CARE FLEXIBLE SPENDING ACCOUNT
A Health Care FSA is a pre-tax benefit account used to pay for eligible out-of-pocket healthcare expenses.
- Eligible contributions will be deducted from your paycheck on a pre-tax basis and placed into a separate account. Your contribution amount is preloaded to your Wex account and then deducted over the course of 52 pays through the year.
- Eligible expenses include copayments, deductibles, dental, and vision expenses not covered by existing insurance.
- 2024 Maximum Healthcare FSA Contribution: $3,200
DEPENDENT CARE FLEXIBLE SPENDING ACCOUNT
A Dependent Care FSA is a pre-tax benefit account used to pay for eligible dependent care services.
- Eligible contributions will be deducted from your paycheck on a pre-tax basis and placed into a separate account. With each paycheck, money will be deposited into your Dependent Care FSA account. Dependent Care FSAs are not preloaded like a Health Care FSA. The amount available is what has been accrued at the time of your claim request.
- Eligible expenses include preschool, summer day camp, before or after school programs, and child or adult care.
- 2024 Maximum Dependent Care FSA Contribution: $5,000
RESOURCES
Rules you need to know
- Expenses: MUST be incurred between January 1, 2024 and December 31, 2024, plus the grace period.
- Grace Period: If you have funds left over as of December 31, 2024, you will have up through March 15, 2025 to incur additional expenses.
- Reimbursements: All expenses must be submitted to Wex for reimbursement no later than March 31, 2025.
- USE IT OR LOSE IT: Plan very carefully! If you do not incur the anticipated expenses, your contributions are forfeited at the end of the year.
- Unless you experience a qualifying life event, you cannot change your elections mid-year.
For more information regarding FSAs, please review IRS Publications 502 & 503 or contact Employee Benefits.
