Flexible Spending Accounts

WEX

Flexible Spending Accounts (FSAs), administered by WEX, offer a smart way to stretch your dollars by setting aside pre-tax dollars to pay for eligible healthcare and dependent care expenses.

Each plan year (July 1 – June 30), you must elect the annual amount you want to contribute to each account. Your contributions will be deducted pre-tax from your paycheck which helps reduce your taxable income.

General Purpose Health Care FSA

With the General Purpose Health Care FSA, you can get reimbursed for eligible medical, dental, and vision care expenses incurred during the plan year.

Contribution Limit: $2,850 (per plan year)

Limited Purpose Health Care FSA (also called an HSA-Compatible Health Care FSA)

With the Limited Purpose Health Care FSA, you will only get reimbursed for dental and vision care expenses incurred during the plan year. However, you will retain your eligibility to contribute to a Health Savings Account (HSA) if you are enrolled in any qualified High-Deductible Health Plan (HDHP).

Contribution Limit: $2,850 (per plan year)

Dependent Care FSA

You can use the Dependent Care FSA to contribute a minimum of $120 per plan year (and up to $5,000 per year) of pre-tax dollars for child day care and elder care expenses while you work. 

Examples of eligible care expenses include:

  • Day care and babysitter costs
  • Nursery school
  • Before and after-school programs
  • Summer day camps

Refer to IRS Publication 502 and 503 for a complete list of eligible expenses.

PLEASE NOTE: You can only use these funds to pay for eligible dependent day care expenses that allow you and your spouse or civil union partner* to work. Dependent Care FSA funds are not for your dependents' healthcare expenses.    

*You must be able to claim your civil union partner/civil union partner's child(ren) as tax dependents.

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Rules and Regulations

  • FSAs are subject to IRS regulations

  • Once you enroll in an FSA, you can only change your contribution amount if you experience a qualifying status change

  • You cannot transfer funds from one FSA to another

  • Dependent Care FSAs

    • All expenses must be incurred during the plan year: July 1, 2022 - June 30, 2023

    • You can use these funds to pay for childcare (age 12 or younger), disabled children over 12 years of age, or elder care for individuals claimed on your taxes

  • General and Limited Purpose Health Care FSAs: You can roll over up to $570 of unused funds ($550 for FY 2021-22), any remaining funds above the rollover maximum will be forfeited

Incurring Claims

WEX (formerly Discovery Benefits) strives to simplify the experience for the State of Colorado employee while maximizing the service, tools, and education regarding your FSAs.

If you are a State of Colorado employee and are participating in any of the FSA options, submit your claims to WEX.

WEX
wexinc.com/solutions/benefits
Member Services: 866.451.3399
Fax: 866.451.3245
Email: customerservice@wexhealth.com

Questions?

State of Colorado's WEX Group ID: 34624

Visit wexinc.com/solutions/benefits, call 866-451-3399 or email customerservice@wexhealth.com to learn more.

For questions about your State of Colorado benefits, contact your agency's Benefits Administrator.

Health Savings Accounts (HSAs) are different from FSAs. Only people enrolled in a qualified high-deductible health plan (HDHP) may contribute to an HSA. A person may not have a General Purpose Healthcare FSA when contributing to an HSA.

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The information on this page is an overview and is not intended to be a complete description of the benefits. A more detailed summary plan description for the plans can be found linked on this page. If there is a conflict between the information on this page and the official plan documents, the plan documents will govern. The State of Colorado reserves the right to modify or terminate any of the described benefits at any time and for any reason. The descriptions of these benefits are not a guarantee of current or future employment or benefits. For additional information about the specific plans available to you, please contact your agency's Benefits Administrator.