Flexible Spending Accounts
What is a Flexible Spending Account (FSA)
Flexible Spending Accounts (FSAs) can help you save money on health care and dependent care expenses throughout the year. By participating in one or more of these flex accounts, you use tax-free dollars deducted from your paychecks to pay for certain out-of-pocket expenses. FSAs provide tax savings because you are not taxed on the money used to pay for such expenses. FSAs reduce your overall tax burden and are a smart, simple way to save money while keeping you and your family healthy and protected. Loyola offers the following FSAs:
- Health Care Flexible Spending Account
- Dependent Care Flexible Spending Account
- Limited Flexible Spending Account (for HDHP Plan Participants)
When using your WEX debit card to pay for medical, dental & vision expenses, it is a requirement by the IRS to have documentation to support the transaction. Receipts may be required for some but not all transactions.
Annual Contribution Limits
The annual contribution limits are determined by the IRS each year. The 2025 maximum limits are:
Contribution Year/Type | 2025 |
---|---|
Healthcare Flexible Spending Account (FSA) | $3,300.00 |
Limited Flexible Spending Account (LFSA) | $3,300.00 |
Dependent Care Account (DCFSA) per household | $5,000.00 |
Year-End Reminders: FSA Grace Period Ended March 31st
Loyola allowed 2024 Health Care FSA and Limited FSA participants to carry over up to $640 of any amount remaining unused to 2025. Any money over the $640 rollover limit not used for allowable expenses within the 2024 calendar year will be forfeited and will not be refunded. Do not assume all expenses are covered. Note: For 2024 expenses, you had until March 31, 2025, to submit receipts for reimbursement to the old WEX/BenefitExpress portal. But the expenses must occur in 2024.
2024 Carryover Amounts
The carryover amount for the 2024 to 2025 FSA year was $640.00, and for 2025-2026, it will be $660.00. This amount is subject to IRS regulations and can change each year. Rollover amounts are automatic, and no action is required on behalf of FSA participants. Participants' carryover amounts will be added to their "my annual election" balance under "eligible amount" via the WEX Direct portal.
Please visit the IRS website to learn more.
WEX Account Information Effective January 1, 2025
The new WEX Direct portal
There are three ways to connect with the new WEX team.
- Via Telephone: 866.451.3399
- Via Email: customerservice@wexhealth.com
- Via Chat: https://wexinc.com/contact/health
WEX Changes - Timeline
- December 2, 2024 - Loyola will work with WEX to transition FSA enrollments to the new portal.
- December 26 - New WEX cards will be arriving in the mail (can typically take 10-14 days after enrollment is completed). All participants should receive their new debit cards by mid-January. FSA participants will receive two debit cards. If they wish to request additional cards this can be done after January 1st.
- December 31- Old WEX/BenefitExpress cards will no longer be active. However, any claims or reimbursements needed for 2024 expenses can be done via the OLD WEX/BenefitExpress portal. 2025 elections or claims must be done via the new portal. You also need to upload any claim information such as receipts or EOBs for services rendered in 2024 to the old portal by 12.31.2024.
- January 10, 2025 - If you have not received your new debit card in the mail by mid-January, contact WEX Benefit Participant Services. FSA Health, Limited Healthcare, and Dependent Care participants should be able to view and access their 2025 election amounts.
- March 31 - The grace/runout period for the 2024 plan year closes with WEX/BenefitExpress. All 2024 claims need to be submitted to WEX/BenefitExpress before this date.
- April 1 - WEX Direct will begin processing the FSA $640.00 carryover from the 2024 plan year. Health Care FSA balances greater than the $640 rollover limit will be forfeited and will not be refunded.
- May 9- FSA participants can view their carryover amounts via the new WEX Direct portal
Accessing the Old WEX/Loyola Express Portal for 2024-related claims
WEX/Benefit Express can be reached during traditional business hours at 877.837.5017 or LoyolaExpress.com. You can also fax any 2024 plan year-related claims to WEX/BenefitExpress at 253.793.3766. You can continue to view balances and submit claims until the run-off period ended March 31, 2025. Please continue to place 2024 claims requests via the old portal.
Updated 5.9.2025
What is a Flexible Spending Account (FSA)
Flexible Spending Accounts (FSAs) can help you save money on health care and dependent care expenses throughout the year. By participating in one or more of these flex accounts, you use tax-free dollars deducted from your paychecks to pay for certain out-of-pocket expenses. FSAs provide tax savings because you are not taxed on the money used to pay for such expenses. FSAs reduce your overall tax burden and are a smart, simple way to save money while keeping you and your family healthy and protected. Loyola offers the following FSAs:
- Health Care Flexible Spending Account
- Dependent Care Flexible Spending Account
- Limited Flexible Spending Account (for HDHP Plan Participants)
When using your WEX debit card to pay for medical, dental & vision expenses, it is a requirement by the IRS to have documentation to support the transaction. Receipts may be required for some but not all transactions.
Annual Contribution Limits
The annual contribution limits are determined by the IRS each year. The 2025 maximum limits are:
Contribution Year/Type | 2025 |
---|---|
Healthcare Flexible Spending Account (FSA) | $3,300.00 |
Limited Flexible Spending Account (LFSA) | $3,300.00 |
Dependent Care Account (DCFSA) per household | $5,000.00 |
Year-End Reminders: FSA Grace Period Ended March 31st
Loyola allowed 2024 Health Care FSA and Limited FSA participants to carry over up to $640 of any amount remaining unused to 2025. Any money over the $640 rollover limit not used for allowable expenses within the 2024 calendar year will be forfeited and will not be refunded. Do not assume all expenses are covered. Note: For 2024 expenses, you had until March 31, 2025, to submit receipts for reimbursement to the old WEX/BenefitExpress portal. But the expenses must occur in 2024.
2024 Carryover Amounts
The carryover amount for the 2024 to 2025 FSA year was $640.00, and for 2025-2026, it will be $660.00. This amount is subject to IRS regulations and can change each year. Rollover amounts are automatic, and no action is required on behalf of FSA participants. Participants' carryover amounts will be added to their "my annual election" balance under "eligible amount" via the WEX Direct portal.
Please visit the IRS website to learn more.
WEX Account Information Effective January 1, 2025
The new WEX Direct portal
There are three ways to connect with the new WEX team.
- Via Telephone: 866.451.3399
- Via Email: customerservice@wexhealth.com
- Via Chat: https://wexinc.com/contact/health
WEX Changes - Timeline
- December 2, 2024 - Loyola will work with WEX to transition FSA enrollments to the new portal.
- December 26 - New WEX cards will be arriving in the mail (can typically take 10-14 days after enrollment is completed). All participants should receive their new debit cards by mid-January. FSA participants will receive two debit cards. If they wish to request additional cards this can be done after January 1st.
- December 31- Old WEX/BenefitExpress cards will no longer be active. However, any claims or reimbursements needed for 2024 expenses can be done via the OLD WEX/BenefitExpress portal. 2025 elections or claims must be done via the new portal. You also need to upload any claim information such as receipts or EOBs for services rendered in 2024 to the old portal by 12.31.2024.
- January 10, 2025 - If you have not received your new debit card in the mail by mid-January, contact WEX Benefit Participant Services. FSA Health, Limited Healthcare, and Dependent Care participants should be able to view and access their 2025 election amounts.
- March 31 - The grace/runout period for the 2024 plan year closes with WEX/BenefitExpress. All 2024 claims need to be submitted to WEX/BenefitExpress before this date.
- April 1 - WEX Direct will begin processing the FSA $640.00 carryover from the 2024 plan year. Health Care FSA balances greater than the $640 rollover limit will be forfeited and will not be refunded.
- May 9- FSA participants can view their carryover amounts via the new WEX Direct portal
Accessing the Old WEX/Loyola Express Portal for 2024-related claims
WEX/Benefit Express can be reached during traditional business hours at 877.837.5017 or LoyolaExpress.com. You can also fax any 2024 plan year-related claims to WEX/BenefitExpress at 253.793.3766. You can continue to view balances and submit claims until the run-off period ended March 31, 2025. Please continue to place 2024 claims requests via the old portal.
Updated 5.9.2025