• Flexible Spending Account (FSA) Information

    Start Saving with Flexible Spending Accounts (FSAs)

    Did you know FSAs offer you significant tax savings? As a pre-tax benefit, the money you contribute into these accounts is deducted from your paycheck before taxes are calculated. You save whatever percentage you would have paid on that money in federal taxes. The amount of taxes you pay will be less, and, in some cases, your tax savings can be significant.

    Use the FSA calculator to find out how much money you could save: www.wageworks.com/employees/calculators/.

     

    PGCPS offers you two Flexible Spending Accounts (FSAs) to help you save money on everyday expenses from medical costs to child care:

    Healthcare Flexible Spending Account – contribute up to $2,650 per year

    Dependent Care Flexible Spending Account – contribute up to $2,500 per year, if married and filing separate income tax returns or up to $5,000 per year, if single or married and filing joint income tax returns.

    You can use the money in your Healthcare FSA (HCFSA) to pay for medical copayments and deductibles, as well as certain other covered medical and dental expenses. A Dependent Care FSA (DCFSA) can be used to pay for eligible dependent care services, such as preschool, summer day camp, before or after school programs, and child or adult daycare. If you want to participate in an FSA, you must enroll each year.

    Take the time now to learn more about FSAs, calculate your potential tax savings and then enroll in the Healthcare FSA (HCFSA) and/or the Dependent Care FSA (DCFSA).

     

    NEW - You can carryover $500 in your Healthcare FSA account balances from one plan year to the next.  

    Decide how much to contribute to one—or both—FSAs and enroll during Open Enrollment October 16 – November 9, 2018.

     

    Deadline to File Flexible Spending Account (FSA) Claims

    Because of the tax advantages FSAs provide, IRS regulations require that unused money left in your Healthcare FSA and/or Dependent Care FSA at the end of the plan year will be forfeited. For 2018, you have until December 31, 2018 to incur expenses and April 15, 2019 to submit your claims online at www.wageworks.com.

     

    $500 Rollover

    If you continue participation in 2019, you may carryover up to $500 of unused funds as of December 31, 2018. For 2019, you have until December 31, 2019 to incur expenses and April 15, 2020 to submit claims.

    Visit the WageWorks website to learn more about how the rollover works
    Visit the IRS website to learn more about FSAs (section 125)

        

    A Flexible Spending Account (FSA) allows you to set aside pre-tax dollars (reducing your taxable income) for daycare/dependent care and or health care expenses and to receive tax-free reimbursement for your eligible out-of-pocket expenses.  

    2018 Information

    WageWorks (formerly Conexis)

    WageWorks Information

    Special Requirements

    • New employees have thirty (30) days from their date of hire to enroll in a FSA using Oracle Self Service.  
    • Changes can only be made to a FSA during the plan year if the employee experiences an  eligible family status change(marriage, birth, adoption, death, etc.).  

    IRS Information regarding FSA