Page 14 - 2022 Local 502 Mersen Benefit Guide

Flexible Spending Accounts

WEX (Discovery Benefits) administers your Flexible Spending Account (FSAs). A Flexible Spending Account (FSA) helps you pay
for health care, dependent care or transit costs using tax-free dollars. Your contribution is deducted from your paycheck on a
pretax basis and is put into the FSA. When you incur expenses, you can access the funds in your account to pay for eligible
expenses. This chart shows the eligible expenses for each FSA and how much you can contribute each year. Each of these
options reduces your taxable income.

Account type Eligible expenses Annual contribution limits

Most medical, dental and vision care expenses Mersen 2022 maximum contribution is $2,750
that are not covered by your health plan (such as per year.
copays, coinsurance, deductibles, eyeglasses and
Health Care FSA prescriptions).
Funds are deducted throughout the year, but all
funds are available on January 1.

Dependent care expenses (such as day care, Maximum 2022 contribution is $5,000 per year
after school programs or elder care programs) ($2,500 if married and filing separate tax
Dependent Care FSA for children under age 13 or elder care so you returns). Reimbursements will be available once
and your spouse can work or attend school a balance is attained (you cannot borrow against
full-time this account).

RESOURCES

- Eligible Expense List: WEX Eligible Expense List
- FSA Calculator: WEX FSA Calculator

FSA: Use It or Lose It
Calculate wisely for
It’s important to calculate your
this “use it or lose
contributions to your FSAs carefully. The
it” benefit! IRS requires that any unused money in
your Health Care FSA or Dependent Care
FSA be forfeited. You have until March
15, 2023 to incur eligible health expenses
from your 2022 FSA, and until May 31,
2023 to submit claims for
reimbursement.

The Wex/Discovery Benefits Card works like a typical debit card but is used for eligible
medical, dependent daycare, or transportation expenses, based on the funds available in
your benefits account. Rather than paying out-of-pocket and waiting to be reimbursed,
the Discovery Benefits Card allows you to pay for eligible expenses. Debit card
transactions may need a later submission of your explanation of benefits (EOB) for
services you received. You should save and submit ALL receipts for any reimbursable
expenses. Go online anytime to view your balances and transactions.
https://benefitslogin.wexhealth.com

14