IU HSA/FSA 17.0.1

IU HSA/FSA by WEX, Inc. is a healthcare payment solutions provider that offers Health Savings Accounts (HSA) and Flexible Spending Accounts (FSA) for individuals and employees.

An HSA is a savings account that allows individuals to set aside pre-tax income for qualified medical expenses. The funds in an HSA can be used to pay for medical expenses not covered by insurance.

An FSA is a tax-advantaged account that allows employees to set aside a portion of their pre-tax earnings to pay for qualified medical expenses. FSAs are typically offered as part of an employer-sponsored benefits package.

You can use IU HSA/FSA by WEX, Inc. to manage your healthcare expenses efficiently by contributing funds to your HSA or FSA account, submitting claims for reimbursement, and tracking your spending on eligible medical expenses.

The benefits of using IU HSA/FSA include potential tax savings, easy access to funds for medical expenses, convenient payment options, and the ability to carry over unused funds from year to year depending on the account type.

No, IU HSA/FSA funds can only be used for eligible medical expenses as defined by the IRS. Examples of eligible expenses include doctor visits, prescriptions, and certain over-the-counter items.

Yes, both HSAs and FSAs have annual contribution limits set by the IRS. It is important to be aware of these limits when deciding how much to contribute to your account.

There may be administrative fees associated with using IU HSA/FSA services, depending on the specific plan and employer arrangement. It's recommended to review the fee schedule provided by WEX, Inc.

The rules regarding rollover of unused FSA funds vary depending on the plan. Some plans allow a limited rollover amount or a grace period for spending down remaining funds, while others may have a 'use it or lose it' policy.

You can contact IU HSA/FSA customer support by visiting the official website of WEX, Inc., where you can find contact information or access online resources for assistance with your account.