In the final blog post of my series featuring benefit trends at WEX, we shine a light on a few FSA trends that might help you as you prepare for open enrollment and communications around your FSA.
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Medical FSA trends
General-purpose medical FSA purchases are categorized within the WEX benefits platform. From a high level, here’s how medical FSA funds were spent in 2021:
- Medical expenses: 42%
- Dental: 20%
- Pharmacy: 18%
- Vision: 14%
- Other: 5%
More specifically, a medical FSA covers hundreds of eligible expenses. A few of the more frequent expenses medical FSA funds were spent on in 2021 are:
- Orthodontists: 14%
- Drug stores/pharmacies: 13.7%
- Optometrists/opthalmologists: 5.8%
- Opticians/optical goods/eyeglasses: 5.7%
- Chiropractic: 1.7%
Dependent FSA trends
The COVID-19 pandemic ushered in some big changes to our lifestyles that affected FSAs, including our need for daycare and other dependent care-related services. As a result, dependent care FSA average contributions declined in 2020. However, within the WEX benefits platform, we saw a rebound in average contributions in 2021 and 2022. Here are the last five years:
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Check out our episode of Benefits Buzz as we talk through these FSA trends and others we learned.
The information in this blog post is for educational purposes only. It is not legal or tax advice. For legal or tax advice, you should consult your own counsel.
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