Save your cash for the good stuff
When you enroll in a Flexible Spending Account (FSA), you set aside pretax money to pay for eligible health care and/or dependent care expenses. You never pay taxes on the dollars you set aside in an FSA, which helps you save cash.
Salesforce offers three FSAs administered by WageWorks®:
- Health Care FSA allows you to set aside up to $2,550 in 2017 to cover eligible health care expenses for yourself and your dependents. Eligible expenses include office visit copays, deductibles, orthodontia, vision expenses, and more.
- Limited Purpose FSA allows you to set aside $2,550 in 2017 when you enroll in the Aetna HDHP plan. You may enroll in the Limited Purpose FSA to pay for qualified dental and vision expenses. If you are contributing to a health savings account (HSA) you are ineligible to enroll in Salesforce’s Health Care FSA.
- Dependent Care FSA allows you to set aside up to $2,500 in 2017 to cover eligible child care or adult day care expenses. Use this account to cover expenses related to babysitters, nanny services, licensed day care, preschool fees, before- and after-school programs, elder care services, and more.
The accounts are easy to use. The Health Care FSA comes with a debit card you can use at the doctor’s office, pharmacy, or other medical facility. For the Dependent Care FSA, you file claims to get reimbursed. To manage your FSA account, log in to www.wageworks.com or download the WageWorks mobile app. First-time users will need to register.
To participate in the FSA, you need to enroll and choose the amount you would like to set aside each year. See WageWorks for more information.
Beginning in 2016, the Health Care FSA is moving from a "grace period" to "carry over" in 2017. This means that you can roll over up to $500 in unused funds in the 2016 Health Care or Limited Purpose FSAs at the end of the calendar year to the next year. Your carryover funds (up to $500) do not need to be spent by a particular date.
Please note that if you are enrolling in the HDHP plans, any funds carried over from the Health Care FSA will become a Limited Purpose FSA.
Health Care FSA
For the 2016 plan year, expenses must be incurred January 1 through December 31, 2016, to be eligible for reimbursement. You have until April 30, 2017, to submit claims for reimbursement. Any unused FSA funds over $500 are subject to the “use it or lose it” rule and will be forfeited.
Dependent Care FSA
For the 2016 plan year, expenses must be incurred January 1 through March 15, 2017, to be eligible for reimbursement. You have until April 30, 2017, to submit claims for reimbursement.