Medical Flexible Spending Account (FSA)
As part of the wide range of choices the Columbus City Schools benefits program offers a Flexible Spending Account (FSA) to help save income taxes on predictable eligible health and/or dependent care expenses. You are able to elect an annual amount from $260 to $2500 to use for medical, dental, vision and hearing expenses not covered by the benefit plans, such as copays and deductibles, as well as other eligible expenses.
Once enrolled, WEX, Inc. will issue you a debit card and the amount of your election will be available for you to use immediately. This amount will be divided evenly by the number of paychecks for the year and deducted via payroll deduction on a pre-tax basis which lets you take home a larger paycheck by reducing taxable income.
Sometimes you will be asked to substaniate that the funds were used on eligible expenses. It's easy to do: 1. Download the WEX, Inc. App, 2. Take a picture of your receipt and you're done! You can also register for your WEX, Inc. account by visiting www.wexinc.com. Here you can also upload your receipts and check your balance.
Note that these funds are considered "Use it or Lose it" and must be used within the plan year. Visit the FSAStore.com to easily shop for eligible expenses.
For more more information on plan rules and regulations please see pages 16-17 of the Employee Benefits Guide to help you determine if an FSA is right for you.
Dependent Care Flex Spend Account
Dependent Care FSA lets you save money on day care expenses for children up to age 13 or a disabled spouse or dependent of any age. Estimate your eligible expenses for dependent day care while you work, or other dependent care expenses. The maximum you may elect is based on your tax filing status: $5,000 (if you are single or married and filing a joint return) or $2,500 (if you are married and filing a separate return). Pay for eligible dependent care expenses out of your own pocket and submit a claim for reimbursement, with a copy of any necessary documents (receipts, etc.) to Wex Inc. at the address listed on the claim form (available on Wex Inc. website). You also have the option to set up recurring reimbursements. (See below for applicable form.)
For more information on plan rules and regulations please see pages 16-17 of the Employee Benefits Guides to help you determine if an FSA is right for you.