We know that health care and dependent care expenses can add up quickly, so WWT offers you a selection of Flexible Spending Accounts (FSAs), which allows you to pay for these expenses with pre-tax dollars and save money, too.
Through your FSA, you can set aside money on a pre-tax basis to reimburse yourself for eligible expenses. Your pre-tax contributions decrease your federal taxable income, so you pay less in taxes, and you don’t pay taxes on the funds if you use your account to pay for qualified expenses.
You must re-enroll in Flexible Spending for 2021 between November 2th and November 13th.
Health FSA: The max amount has increased to $2,750 for the 2021 calendar year! The Health Care FSA can pay for eligible out-of-pocket health care expenses such as health, dental, prescription drug, or vision plan deductibles, co-pays and coinsurance, eyeglasses, contact lenses and hearing aids. Enrollment in WWT’s health/dental plan is not required to participate in the health care FSA.
There is also a list of eligible expenses available.
Dependent Care FSA: You can contribute up to $5,000 per household in calendar year 2021 to the Dependent Care FSA to pay for eligible dependent care expenses such as licensed day-care, preschool or childcare services.
Hawaii Employees Only: You are eligible to enroll in the Parking Flexible Spending. Parking FSA maximum contribution will still remain $270 per month. WWT will cover this cost.
Transportation FSA: Beginning in 2021, all U.S. employees (excluding Hawaii) will be eligible to enroll in employee-paid transportation via Vantage. You can set aside pre-tax dollars to be used for eligible expenses related to bus, subway, train, trolley, meters, garages & lots, Van Pool and Ridesharing (UberPool & LyftShared).
If you are enrolled in Flexible Spending for 2020, here are a few things you should know: