Limited FSA

Benefit Express is now WEX Health Inc.

Effective June 2022 Benefit Express, that currently manages all Transit and Flexible Spending Accounts (Health, Limited and Dependent Care), will now go by WEX Health Inc. or simply WEX. Your current debit cards and previous correspondence should already have WEX name and logo.

The Limited Flexible Spending Account (LFSA) is similar to a Health Care Flexible Spending Account (FSA), however the LFSA only reimburses for eligible dental and vision expenses. Similar to a Health Care FSA, funds must be used during the plan year while employed at Loyola; otherwise, the funds expire.

This account (available from BenefitExpress) will be available to you only if you will have a Health Savings Account (HSA) during a plan year in which you enroll in PPO 3 HSA. Contributions can be elected through Employee Self-Service during Open Enrollment.

Annual Contributions

Maximum 2022 annual contributions: $2,850

Maximum 2023 contribution amount is $3,050.00

Contributions are not subject to federal income tax, Social Security tax or Medicare tax.

• Loyola will also allow 2022 Limited FSA participants to carry over up to $570 of any amount remaining unused as of the end of the year to the following year.

Leaving the University

Only expenses incurred prior to the date your participation in the plan ends are eligible for reimbursement, unless you continue through COBRA. You have 90 days to submit a claim that was incurred on or before your termination date. You may continue your LFSA through COBRA if your current expenses have not exceeded your year to date contributions; however, payments including an administrative fee will be on an after‐tax basis.