Health Savings Account (HSA) & Flexible Spending Account (FSA)
A Health Savings Account (HSA) is a personal savings account to help pay for qualified expenses not covered by medical, dental or vision insurance plans with pre-tax* dollars. Each year, the money in your HSA rolls over. There is no “use it or lose it provision.” In fact, even if you leave DPS, your HSA and the money in it is yours to keep.
A Flexible Spending Account (FSA) is a pre-tax* benefit account used to pay for eligible medical, dental and vision care expenses that aren’t covered by your insurance plan. You are able to access your full annual election amount starting on the first day of your plan year. You will lose any unused balance, over $500, at the end of the plan year. In most cases, if you leave DPS you will lose your FSA unused balance. DPS offers three FSA options.
For FAQs on HSA and FSA plans, click here.
All benefits-eligible employees are qualified to enroll in an HSA or FSA. DPS will help you start saving by contributing $27.92 per paycheck to your HSA or applying this discount to your semi-monthly HMO medical insurance deduction, reflected on each paycheck.
*Pre-Tax: The cost of your benefits is deducted from your paycheck before taxes are calculated, and you are therefore only taxed on your remaining paycheck balance. You pay less taxes with this option.
How do I access my HSA/FSA funds? +
- With a variety of convenient payment options, your WageWorks Healthcare FSA makes it easy for you to get reimbursed for eligible health care expenses.
How does an HSA/FSA work? +
- You decide how much to contribute to your HSA/FSA on a plan-year basis up to the maximum allowable amounts.
- Your annual election will be deducted evenly from each paycheck of your 24 paychecks throughout the year, on a pre-tax basis.
- You will receive a debit card from WageWorks, which can be used to pay for eligible health care expenses at the point-of-service. If you do not use your debit card, you may submit a claim form and a bill or itemized receipt from the provider to WageWorks.
- Keep all receipts in case WageWorks requires you to verify the eligibility of a purchase.
- WageWorks funds will post 5-7 days after payday