Plan Year 1/1/20 – 12/31/20
Claims must be incurred during the Plan Year
Claims must be filed with WageWorks by no later than 60 days following 12/31/20.
The 2020 plan year maximum contribution for dependent day care flexible spending is $4999.92 annually/$416.66 monthly. The 2020 plan year maximum for health care flex spending is $2,700.00/$225.00 monthly.
What is a Flexible Spending Account (FSA)?
WageWorks administers two Flexible Spending Accounts, a Health Care and a Dependent Care FSA. Both let you pay for eligible expenses with pre-tax dollars. You contribute to an FSA with pre-tax money from your paycheck. This means you don’t pay federal income taxes on this money. This, in turn, lowers your taxable income. Consider an FSA…it’s a smart way to pay!
Smart Simple Savings with a Flexible Spending Account