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.
|Flexible Spending Account (FSA)||Health Spending Account(HSA)||Limited Purpose Flexible Spending Account (LPFSA)||Dependent Care Flexible Spending Account|
|Contribution Limits||$2,750||Individual: $3,600
|Medical Plan Compatibility||No medical plan required||Medical Plan 1
Medical Plan 2
|Medical Plan 1
Medical Plan 2
AND must be enrolled in HSA
|No medical plan required|
|Frontloaded or load as you pay?||Front Loaded||Load as you pay||Front Loaded||Load as you pay|
|Midyear changes without Life Event?||No||Yes||No||No|
|Amount rollover year to year||$500||Full Amount||$500||$0|
|Amount you take with you at Termination||$0 *you can continue, under COBRA if elected||Full Amount||$0||$0|
|Can you invest contributions?||No||Yes||No||No|
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.
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.