The amount you can save in a Health Care Flexible Spending Account (FSA) or Dependent Care FSA may increase. Once announced by the IRS, the new limits will be shared.
Increased Limits for Tax-Advantaged Accounts
You may contribute up to $3,050 annually to the Health Care FSA, then use those tax-free dollars during the year to pay for eligible health care expenses, including copays, deductibles, prescription drugs, over-the-counter medications, and more.
If you enroll in the Health Care FSA, you’ll automatically receive a WEX debit card to use when paying for expenses.
If you currently participate in the Health Care FSA, up to $610 (minimum $30) of your remaining 2023 account balance will automatically roll over to your 2024 Health Care FSA with WEX. The rollover amount will be deposited into your FSA before May 30 (after the April 30 deadline for 2023 claims). Any remaining funds over $610 in your Health Care FSA will be forfeited. Keep in mind: If you have unsubstantiated debit card claims for 2023, your card will not be activated for 2024. Log in to your WEX account to check your balance and to see if you have any messages requiring action on your part.
The Dependent Care FSA allows you to use tax-free dollars to reimburse yourself for eligible dependent care expenses. Each year, you can contribute up to $5,000 ($2,500 if you are married and file taxes separately).
Eligible expenses include services like day care facilities, care provided in your home, or a summer day camp. Medical and educational services, or overnight camps for dependents are not eligible expenses for this FSA.
Any unused money in your Dependent Care FSA at the end of the year is forfeited. You can’t transfer money between FSAs.