• Tell Me About Flexible Spending Accounts (FSAs)
  • Types of FSAs:

    The State of Michigan offers two types of FSAs.

    • Health Care FSAs allow you to put aside pre-tax dollars for health care expenses not covered by any medical, dental, or vision care plan. These expenses are allowed for you and qualifying individuals. Visit www.wageworks.com for a list of Health Care FSA eligible expenses.
       
    • Dependent Care FSAs allow you to put aside pre-tax dollars to cover child/elder dependent care expenses, such as day care, for your eligible dependents so you can work. Visit www.wageworks.com for a list of Dependent Care FSA eligible expenses.
  • How FSAs Work:

    You can enroll in an FSA during the annual FSA Open Enrollment, as a new hire, or due to a qualifying life event. For the 2018 Plan Year, FSAs permit you to deduct up to $2,650 for eligible health care expenses and $5,000 for eligible dependent care expenses from your wages before taxes. For the 2017 Plan Year, FSAs  permit you to deduct up to $2,600 for eligible health care expenses and $5,000 for eligible dependent care expenses from your wages before taxes. This gives you more out-of-pocket money to spend elsewhere.

  • WageWorks© Health Care Card:

    Use your WageWorks© Health Care Card instead of cash at health care providers and pharmacies for eligible goods, prescriptions, and services, such as copays. You must provide a valid prescription at the pharmacy counter in order to use your Card for over-the-counter (OTC) drug purchases. You will also be able to use your Card for non-drug OTC items and devices, such as bandages, and contact lens solution, as long as you shop at merchants that have an industry standard inventory system (IIAS) that can verify the eligibility of items at checkout. An updated list of IIAS merchants is maintained at www.sigis.com.

    Always remember to save receipts when using the Card. The IRS requires you keep them for your tax records, and you will also need them if documentation is requested for verification.

  • Using Your FSA is Easy!

    When you elect a Health Care FSA, your account is funded with the full amount you've chosen at the beginning of the year. As soon as that happens, it's ready to use for eligible expenses. Throughout the year, you "pay your account back" with pre-tax contributions from your paycheck. These convenient payment options are available:

    • WageWorks© Health Care Card: Use it instead of cash at health care providers and wherever accepted for health-related services and health expenses.
       
    • Pay My Provider: Send payment directly to your health care provider.
       
    • On-The-Go: Use our mobile application to file a claim from your smartphone.

    You can also choose a Dependent Care FSA to help with the cost of care for eligible children or aging parents while you are at work. A Dependent Care FSA works much like a Health Care FSA, except funds are available as contributions are deducted from your paycheck.