Features of the FSA

Horace Mann/Wage Works Flexible Benefit Spending Accounts 2023 provisions:

• Health FSA - IRS maximum: $2,850
• Limited Health FSA - maximum: $2,850 - for High Deductible Health Plan with HSA account participants.  This FSA is limited to eligible Vision and Dental expenses only.
• Dependent Care FSA - IRS maximum: $5,000
• Use of a debit card for eligible Health FSA expenses

2023 FLEXIBLE SPENDING ACCOUNTS (FSA) HORACE MANN/WAGEWORKS

• 2023 Health FSA allows Roanoke City Public Schools employees to pay for certain IRS-approved medical care expenses (as of January 1, 2010 under health care reform) not covered by their insurance plan with pretax dollars as well as copays, deductibles and coinsurance. See IRS publication 502. Examples include:

  • ·         Hearing services, including hearing aids and batteries

    ·         Vision services, including contact lenses, contact lens solution, eye examinations and eyeglasses

    ·         Dental services and orthodontia

    ·         Chiropractic services

    ·         Acupuncture

    ·         Prescription contraceptives

  • The maximum amount in 2023 that you can contribute to your Health Care Flexible Spending Account is $2,850.

    Limited Purpose Health FSA (only if you are enrolled in the HDHP with HSA Plan)                                                                  If you are in the HDHP with HSA you are allowed to open a Limited Health Care FSA. This program lets Roanoke City Public Schools employees pay for certain IRS-approved medical care expenses (as of January 1, 2010 under health care reform) not covered by your insurance plan, with pretax dollars. See IRS publication 502. Examples include: · Vision services, including contact lenses, contact lens solution, eye examinations and eyeglasses · Dental services and orthodontia The maximum amount in 2023 that you can contribute to your Limited Health Care Flexible Spending Account is $2,850.

• 2023 Dependent Care FSA allows Roanoke City Public Schools employees use pretax dollars toward qualified dependent care such as caring for children under age 13 or caring for elders. See IRS publication 503.  Examples include:

• The cost of child or adult dependent care
• The cost for an individual to provide care either in or out of your house
• Nursery schools and preschools (excluding kindergarten)

The maximum amount you can contribute to your Dependent Care Flexible Spending Account is $5,000.

WageWorks Contact information:

Phone Number: 877-924-3967

Website: wageworks.com

FSA for 2023 monies: Use it or lose it!
You have until 3/15/24 to incur eligible expenses for 2021 monies and until 3/31/24 to submit eligible expenses for reimbursement for 2023 monies.

Advantages of an FSA

FSAs provide you with an important tax advantage [see chart below] that can help you pay health care and dependent care expenses on a pretax basis. By anticipating your family’s health care and dependent care costs for the next year, you can actually lower your taxable income. New elections must be made each year to the Flexible Spending Account to continue participation.

• An account minimum of $100 per year is required in each FSA account