Flexible Spending Accounts
Keep more of your paycheck! FSAs allow you to set aside pre-tax dollars to pay for health care and dependent care expenses
Flexible Spending Account (FSA) Participation
- You must elect the amount you want to contribute each year you enroll.
- Your contributions will be deducted from your paychecks in equal installments.
- You cannot change your contribution amount during the year unless you have a qualifying event.
Important!
Per the IRS, there is a “use it or lose it” rule. If you do not spend all the money in your FSA by March 15 of the following year for expenses incurred from January 1 – December 31, unused dollars will be forfeited.
A grace period allows you to incur claims through March 15 of the following year, and those claims must be submitted to Health Equity (WageWorks) by May 31 of the following year. Members will be assessed applicable taxes for any unsubstantiated claims.
Health Equity (Wageworks)
Health Care FSA
The Health Care FSA can be used to pay qualifying out-of-pocket medical, dental, vision and prescription drug expenses.
- Annual Contribution Limit: $3,400 for 2027
- Eligible Expenses: Copays, coinsurance, deductibles, prescription expenses (For a full list, visit www.irs.gov Publication 502)
* These accounts can be used by team members who do not participate in Pella’s HSA or have a spouse participating in an HSA plan through another employer.
Limited Purpose FSA
If you are enrolled in a High Deductible Health Plan (HDHP) with a Health Savings Account, you are eligible to enroll in the Limited Purpose FSA for dental and vision expenses only. You may contribute up to $3,400.
*These accounts are only for those team members who enroll in Pella’s HDHP plan with HSA or who have a spouse participating in an HSA account through another employer. This account can only be used for vision and dental expenses.
Dependent Care FSA
The Dependent Care FSA can be used to pay eligible day care expenses for your child(ren) or a dependent adult.
- Annual Contribution Limit: $5,000 ($2,500 if married and filing separate tax returns)
- Eligible Expenses: Day care, after-school care, babysitting (work-related), nanny (For a full list, visit www.irs.gov Publication 503)