Flexible Spending Accounts

Flexible Spending Accounts (FSA) through WEX

Flexible Spending Accounts (FSA) help you make your money go further by letting you set aside pre-tax dollars to pay for certain out-of-pocket eligible health care and dependent day care costs.

General Purpose Healthcare FSA

IRS maximum limit: $2,750/year

The General Purpose Healthcare FSA will reimburse you for eligible medical, dental, and vision expenses incurred by you and your dependents during the plan year. The entire annual amount you elect can be used at any time. You can use your Discovery Benefits debit card or pay out-of-pocket and submit a reimbursement request.

Note: If you are enrolled in the HSA, you are not eligible to participate in the General Purpose Healthcare FSA.

Limited Purpose Healthcare FSA

IRS maximum limit: $2,750/year

If you are enrolled in an HSA, you are eligible to participate in the Limited Purpose Healthcare FSA to reimburse eligible dental and vision expenses only.

Dependent Care FSA

IRS maximum limit: $5,000/year

The Dependent Care FSA can be used for eligible daycare expenses for children 12 and under, or elder dependents who are unable to care for themselves. You can only be reimbursed up to the amount available in your account after your payroll contributions.

Rules and Regulations

FSAs are subject to IRS regulations.

  • All expenses for the Dependent Care FSA must be incurred during the plan year: July 1, 2021 - June, 30, 2022. Due to the impacts of COVID-19, Dependent Care FSA expenses may be incurred for up to 12 months after the end of the plan year.
  • For the General and Limited Purpose Healthcare FSAs, you may roll over up to $550 of unused funds beginning July 1, 2021 into the FY 2022-23 plan year. Any remaining funds above $550 will be forfeited.
  • Once you enroll in the FSA, you can only change your contribution amount if you experience a qualified status change.
  • You cannot transfer funds from one FSA to another.

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 flexible spending account(s). If you are a State of Colorado employee and are participating in any of the flexible spending options, submit your claims incurred to WEX.

COVID-19

Questions?

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

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.