What is a Flexible Spending Account (FSA)?
It helps participants save on out-of-pocket qualified medical, dental, and vision expenses, or qualified dependent care expenses.
When a participant enrolls through their employer, they set an annual election amount that will come out of their paycheck (tax-free!).
Depending on the type of FSA, participants can use their funds to pay for qualified medical, dental, and vision expenses, or qualified dependent care expenses.
The funds must be used by the end of the plan year.*
*Unless the employer provides a FSA carryover or grace period.
Since 2001, WEX has invested in innovative features such as intelligent carryover and seamless support of grace periods to reduce manual processing for our partners AND create a simple, streamlined experience for participants.
Flexible Spending Accounts (FSAs) from WEX
No matter what type you need, you can find it from WEX.
Medical FSA
A medical FSA covers general-purpose health expenses and can be used for qualified expenses such as prescription drugs, insurance copayments and deductibles, and medical devices.
Limited Medical FSA
A limited medical FSA covers qualifying dental, vision, and preventive care expenses and can be paired with a high-deductible health plan (HDHP) and a health savings account (HSA).
Combination FSA
A combination FSA (sometimes referred to as a post-deductible FSA) allows a participant to pay for qualified vision and dental expenses until they’ve met the IRS deductible. Once the deductible has been met, their account converts into a medical FSA and more expenses will be eligible.
Dependent Care FSA
A dependent care FSA helps participants save money on eligible dependent care services, such as child (up to age 13) or adult daycare, before or after school programs, summer day camp, and more!
WEX Simplifies FSAs for Everyone
From intelligent carryover and seamless support of grace periods for our partners, to one debit card, one online account, and one mobile app for participants to use for all their benefit accounts, WEX simplifies these accounts for everyone.
Why WEX?
Reduce manual processes and easily administer with industry-leading features.
Intelligent carryover and seamless support of grace periods removes the burden of managing these processes from you, and creates a hassle-free experience for participants.
Manage everything in one place.
Create a benefit offering that works for your book of business and manage it all in ONE place (including FSA, HSA, HRA, commuter, COBRA, direct bill, and more).
Streamline and optimize your business.
Create a benefit offering that works for your book of business and manage it all in ONE place (including FSA, HSA, HRA, commuter, COBRA, direct bill, and more).
Why WEX?
Create a better user experience.
90% of our clients chose us for their administration when looking for a better experience for themselves and their employees.
Trust us to reduce confusion.
In 2020, we grew our participant base by 23%, yet saw a decline in the number of participants contacting us for support.
Drive efficiencies by leveraging our integrations.
With 350+ payroll/HRIS/benefit administration partners and more than 225 insurance carriers.
Why WEX?
Simplify your workflow.
Our intuitive benefits platform allows you to view and update participant accounts, view reporting, and upload files in one place.
Drive efficiencies by leveraging our integrations.
With 35+ payroll/HRIS/benefit administration partners and more than 225 insurance carriers.
Create a consistent, user-friendly experience for your employees.
We’re talking one modern, user-friendly online account, one debit card for all their benefits (that they can add to their digital wallet and use with mobile pay), and one mobile app to easily track and manage their benefits even when they are on the go.
Why WEX?
Easily track and manage your FSA via mobile.
We manage almost all aspects of our lives from the palms of our hands. The WEX benefits mobile app was built with that in mind, and includes a consistent, simple, and modern experience. And when you’re using a desktop, you can expect the same user-friendly experience.
ONE debit card for your FSA … and all your other benefits.
Spend the funds in your FSA (and other benefit accounts) using your smart benefits debit card.
Get help when you need it.
Question about your benefits? Contact our accountable and empathetic service experts.
Intelligent, Seamless, User-Friendly tools from WEX
Whether you take advantage of our intelligent carryover, seamless support of grace periods, or love us for our user-friendly experience, WEX is committed to investing in industry-leading technology to give you access to innovative features to streamline your workflow and simplify the participant experience.
Streamline Your Workflow
Take advantage of intelligent carryover.
Our process allows funds to be made available on day one of the current plan year, while simultaneously handling carryover funds from the previous year … in a single purse. This removes the burden of managing carryover from the partner, and creates a hassle-free experience for participants.
Seamlessly support grace periods.
Similar to carryover, our innovative functionality makes it easy for partners to support grace periods if employers choose to offer them. Better yet? Participants can even use their benefits debit card to spend funds from their previous plan year during the grace period.
Simplify the Participant Experience
ONE debit card for all benefits accounts.
No matter what accounts a participant enrolls in, they only need ONE debit card because our technology can pull from the right account (at the right percentage) based on their purchase. Plus, participants can even add their debit card to their mobile wallet to take advantage of contactless payment options.
ONE online account to access health and commuter benefits.
No more jumping from screen to screen (and having to remember multiple logins) to keep track of multiple benefit accounts. With WEX, participants only need one online account to manage their health and commuter benefits.
ONE mobile app to access their benefits on-the-go.
We manage almost all aspects of our lives from the palms of our hands. The WEX benefits mobile app was built with that in mind, and includes a consistent, simple, and modern experience. And when you’re using a desktop, you can expect the same user-friendly experience.
Get More Information from WEX
Download your resource by simply clicking on the image to get all the details you need on FSAs from WEX for partners, consultants/brokers and employers.
*If you are a participant looking for details, log into your account or reach out to your employer.
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