Health Savings + Flexible Spending Accounts

Overview

Health Savings and Flexible Spending Accounts are types of accounts that let you set aside money on a pre-tax basis to pay for qualified medical expenses or dependent care. By using pre-tax dollars to pay for dependent care or deductibles, co-payments, coinsurance, and other expenses, you can lower your overall health care costs. Appriss partners with WEX Benefits to provide our employees with accounts.

WEX Contact Information

Phone: (866)451-3399
Website: WEX

Spending Account Comparisons

Flexible Spending Account (FSA)Health Spending Account(HSA)Limited Purpose Flexible Spending Account (LPFSA)Dependent Care Flexible Spending Account
Contribution Limits$2,750Individual: $3,600
Family: $7,200
Catch-Up:+1,000
$2,750$5,000
Medical Plan CompatibilityNo medical plan requiredMedical Plan 1
Medical Plan 2
Waived Medical
Medical Plan 1
Medical Plan 2
AND must be enrolled in HSA
No medical plan required
Frontloaded or load as you pay?Front LoadedLoad as you payFront LoadedLoad as you pay
Midyear changes without Life Event?NoYesNoNo
Amount rollover year to year$500Full Amount$500$0
Amount you take with you at Termination$0 *you can continue, under COBRA if electedFull Amount$0$0
Can you invest contributions?NoYesNoYes

NOTE: Due to IRS Regulations some transactions require itemized receipts showing the information outlined below. It is important to keep documentation on all purchases or risk having to pay taxes on the purchase. For more information on these requirements click here.

  • Merchant or provider name
  • Services received or item purchased
  • Date of service
  • Amount of the expense

An Explanation of Benefits (EOB) is an excellent source for this information. See below for pulling EOBs from our providers’ sites. Cancelled checks, handwritten receipts, cash register receipts or previous balance invoices cannot be used to verify an expense.