Flex Spending Information
A WageWorks® Healthcare Flexible Spending Account (FSA) is a pre-tax benefit account used to pay for eligible medical, dental, and vision care expenses that aren’t covered by your insurance plan or elsewhere. It’s a smart, simple way to save money while keeping you and your family healthy and protected.
WageWorks® Healthcare Card: You use a Prepaid Card when making healthcare-related purchases at, for example, pharmacies and opticians. It’s just like a debit card–just swipe and go.
A Healthcare FSA lets you pay for qualified out-of-pocket health care expenses on a pre-tax basis. The money you contribute to a Healthcare FSA is not subject to payroll taxes, so you end up paying less in taxes and taking home more of your paycheck.
ISI has amended our FSA Plan to include the $500 Carry Over beginning with Plan Year Ending 2015 / Beginning 2016. This applies only to the FSA Health and is in lieu of the Extended Benefit Date. The Dependent Care Account remains unchanged, utilizing the Extended Benefit Date (3/15/16)for unused portions. Both plans still require all claims to be made by 3/31/16. If you have questions, please contact your HR Dept. (256) 895-0106 ext 100
ISI has amended our FSA Plan in accordance with IRS Notice 2020-33 which increases the maximum $500 carryover amount for a plan year to an amount equal to 20% of the maximum salary reduction contribution under § 125(i) for that plan year. As an example, the maximum unused amount from a plan year starting in 2020 allowed to be carried over to the immediately following plan year beginning in 2021 is up to $550.00 (20 percent of $2,750, the indexed 2020 limit under §125(i)) This amount is subject to be increased via indexing in future years.