Time is running out. Don't forget to use the funds in your flexible spending account, or FSA, before the end of the calendar year. Need help? Check out this comprehensive list of eligible expenses and read the important information below.
The IRS recently announced that the limit for 2024 health care and limited purpose flexible spending accounts has increased to $3,200 from last year's $3,050.
If you would like to adjust your 2024 annual enrollment election based on these new limits, you must do so by Dec. 31. Log into the enrollment site by going to the myChoices Health & Life Enrollment tab on the Benefits & Worklife website. Select the Start a Qualifying Life Event option in the My Benefits section at the bottom of the screen, and then, under Other Options, choose Increase my 2024 HFSA Contribution.
Any remaining balance of $30 to $610 in your 2023 health care or limited purpose FSA will carry over into 2024. You will be able to confirm this carryover after the 2023 claims filing deadline of April 30, 2024, by viewing your WEX account. Funds over $610 will be forfeited.
For the 2024 plan year, $30 to $640 will automatically roll over to your 2025 health care or limited purpose FSA with WEX. Any funds over $640 will be forfeited.
Health care FSA substantiation
Substantiating your debit card purchases is an important part of being enrolled in the health care flexible spending account. Because your FSA must follow IRS rules, it is important that JHU adheres to the guidelines and collects backup documentation when necessary. If you have 2023 debit card claims that are not substantiated by Dec. 15, 2023, and you have not responded to WEX, your debit card will NOT be activated for 2024.
You will receive an email from WEX if you need to submit supporting documentation. You also can log into your WEX account or download the WEX mobile app to see if you have any outstanding claims that require documentation before they can be cleared.
Acceptable backup documentation includes an itemized invoice from the provider or your explanation of benefits, or EOB, from the insurance carrier. Any supporting documentation provided must include:
- Name of patient
- Name of provider or merchant
- Date service received or item purchased
- Description of service received or item purchased
- Dollar amount (after insurance, if applicable)
If you have to submit supporting documentation, WEX makes the process simple. You have two options: You can log into your WEX account to upload the requested documentation. Or you can download the free mobile app by WEX on your Apple or Android device and use your device's camera to photograph the documentation and upload it on the spot.
If you don't submit documentation after you have been requested to do so, your debit card will be turned off, generally about 90 days after the initial charge.
At the end of the plan year run-out period (April 30, 2024), if you still have unsubstantiated purchases, this dollar amount will be added to your wages for 2024 and taxed as ordinary income.
For questions about either substantiation or your online account, contact WEX at 866-451-3399.