City & County employees– consider a Flexible Spending Account. With a Flexible Spending Account (FSA), you can save up to 40% paying for qualified out-of-pocket health care and dependent care expenses pre-tax. FSA administrator WageWorks provides tools that allow you to submit reimbursements online or with a smart phone. So it is easier than ever to make the most of your FSA account. Read this PDF flyer to learn more: Flexible Spending Account Flyer
Here is how an FSA works. You can sign up for an FSA during open enrollment or as a new hire. The amount you request is deducted from each paycheck before taxes, and placed in your WageWorks FSA account. You then submit receipts to WageWorks for qualifying expenses, to receive your reimbursement.
You can choose to make contributions to a Health Care FSA, a Dependent Care FSA, or both. A Health Care FSA allows you to pay pre-tax for qualifying health care expenses, including medical, dental and vision co-pays, massage, chiropractic and acupuncture, for yourself and eligible family members. A Dependent Care FSA allows you to pay for certified day care, pre-school and elder care needed by eligible children under age 13 or aging parents. ( Note: if you have a stay-at-home parent in your household, you are not eligible for a Dependent Care FSA.)
Before enrolling in an FSA make sure to work out a detailed estimate of the eligible expenses you are likely to incur for the plan year ahead. Budget conservatively. Based on federal law, you may roll forward up to $500 in unused funds year-over-year. But any unreimbursed funds in excess of $500 are forfeited at the end of the plan year and cannot be returned to you.
Consult with your tax advisor or the IRS about your specific situation and your potential tax savings with an FSA. View IRS Publication 502 for information about the Healthcare FSA, and IRS Publication 503 for details about the Dependent Care FSA.
In some cases, due to certain qualifying events, a member may be allowed to initiate or modify FSA contributions during the plan year. A maximum of two benefit election changes due to qualifying events may be made per year. Download this PDF with more details about Changing Benefit Elections and FSA Contributions.
FSA Administrator: WageWorks
Questions? Contact WageWorks customer service at (855) 428-0446.
WageWorks FSA Information
WageWorks EZ Receipts Mobile Phone App
WageWorks Healthcare FSA Reimbursement Checklistpdf
WageWorks Healthcare FSA Eligible Expensespdf
WageWorks Dependent Care FSA Eligible Expensespdf
WageWorks Dependent Care FSA Paper Claim Formpdf