Flexible Spending Accounts

Apex offers employees the opportunity to enroll in health care and dependent care flexible spending accounts (FSAs) for eligible employees, administered by WEX Health. These accounts allow you to pay for eligible health and dependent care expenses with pretax dollars. By contributing to one or both of the Flexible Spending Accounts you reduce your taxable income, so you pay less in taxes — which saves you money.

Contributions

The election you make during enrollment is your election for the entire plan year. You may change it only if you have a qualifying life event and the change request must be consistent with the event.

You may contribute as follows:

Health Care FSA

• Up to $3,200 annually
• All FSA benefit eligible employees can participate, unless you or your spouse are contributing to an HSA.
• Reimbursements allowed for qualified medical, RX, dental, and vision expenses.
• Grace Period Provision - this means that after the plan year ends, you are still eligible to use your FSA funds until March 15 the following year. After March 15, if you still have unspent funds, you will lose those funds.

Dependent Care FSA

• Up to $5,000 annually
• Limited to $2,500 if you are married and file separate tax returns.
• Dependent Care allows employees to use pre-tax dollars to pay for incurred childcare expenses (such as: daycare, nanny, after-school care, etc.)

How the Plan Works

You must incur your eligible expenses during the plan year — January 1 to December 31. An expense is considered to be incurred when the service is performed, not when you are billed or pay for the service. You do, however, have until March 30th annually to file your claims. Any funds after March 30 unclaimed will be forfeited.

Health Savings Account

The Health Savings Account (HSA) allows you to set aside pre-tax dollars to pay for eligible expenses. By contributing to a HSA you reduce your taxable income, so you pay less in taxes — which saves you money.

To be eligible for an HSA, you must be enrolled in the High Deductible Health Plan (HDHP). Once you are enrolled, you will open an HSA through WEX Health. Keep in mind the employer contribution and your contribution cannot exceed the overall IRS maximum. You may change the amount you contribute throughout the year. The above employer and employee contributions are subject to prorating.

Who's Your Beneficiary? Naming a beneficiary is a crucial part of electing an HSA. Also, don't forget to update your primary or secondary beneficiary if you experience a life event, such as a divorce or birth of a child.