How Can I Tell If I Am in a FSA or HSA with WageWorks?

At WageWorks, it's essential to know whether you are in a Flexible Spending Account (FSA) or a Health Savings Account (HSA) to maximize your benefits. Here's how you can easily differentiate between the two:

Flexible Spending Account (FSA):

• Funded by employee-elected salary reductions
• Use-it-or-lose-it policy (some plans may have a grace period or carryover option)
• Covers eligible medical, dental, and vision expenses
• Can be used to pay for dependent care expenses
• Reimbursement requires submission of claims and receipts

Health Savings Account (HSA):

• Funded by both employee and employer contributions (pre-tax)
• Portable and owned by the individual
• No use-it-or-lose-it policy; funds roll over year after year
• Can be used for qualified medical expenses
• Offers investment options to grow savings tax-free

If you are unsure about your account type, you can:

• Check your account information on the WageWorks platform
• Review your enrollment documents or benefits summary
• Contact your HR department or WageWorks customer service

Understanding your benefits is crucial, especially when it comes to distinguishing between a Flexible Spending Account (FSA) and a Health Savings Account (HSA) with WageWorks. Both accounts help you save money on healthcare costs, but they have some key differences.