Stanley Black & Decker offers three Flexible Spending Accounts through WEX- the Health Care FSA, Limited Purpose Health Care FSA and Dependent Care Flexible Spending Accounts (FSA) benefits featuring a simplified reimbursement process. A medical FSA is a benefit that allows you to choose how much of your paycheck you’d like to set aside, before taxes are taken out, for healthcare expenses. This saves you money by reducing your taxable income. Following your election, you will need to set-up your online account and your direct deposit.
FSA’s at-a-glance
HealthCare FSA (HCFSA)
- Eligibility: A medical plan option is not required if you want to participate, but you should not elect this coverage if you participate in a medical plan option that features a Health Savings Account. If you elect either the Basic HSA or Plus HSA medical options with Cigna, you will only be permitted to elect a Limited Purpose FSA plan.
- Eligible Expenses: Out-of-pocket health care expenses incurred in a specific plan year that are not paid for by other medical, prescription, dental or vision plans and are considered tax deductible by the IRS.
- Contributions: $250 -$3,050
- Use your Health Care FSA debit card at the point of service to pay the cost of eligible medical and prescription copays, coinsurance, or any other eligible expense. You may need to substantiate the claim, so be sure to always save your itemized receipts. If you don’t substantiate claims, as required by the IRS and WEX, you will be taxed on the unsubstantiated claims in the following plan year.
Dependent Day Care FSA (DCFSA)
- Eligible Expenses: Expenses for the daycare of eligible dependents, those who you claim as dependents on your federal tax return.
- Contributions: $250 -$5,000
HSA Option: Limited Purpose FSA
- Eligibility: If you enroll in either the Basic HSA or Plus HSA option and elect a Health Care FSA, you will be enrolled in the Limited Purpose Health FSA. The rules for the Limited Purpose Health FSA are different than the Health FSA because your HSA Bank Account is designed to reimburse you for most eligible health care expenses.
WEX
Access your benefits on the go 24/7 with the WEX benefits mobile app. The WEX mobile app provides you with convenient, real time access to all your benefit accounts in one spot and makes it easy to use your funds towards eligible expenses. With the mobile app you can:
- File a claim and upload supporting documentation within seconds using your phone’s camera
- Scan an item’s bar code to determine if it’s an IRS code section213(d) eligible expense
- Log in through fingerprint or face recognition (depending upon your phone)
- Use your benefits debit card directly from your mobile phone with Apple Pay or Samsung Pay
- Plus, you have security on the go – the WEX mobile app uses encryption and won’t store photos, keeping your documentation safe and secure
Call the WEX enrollment assistance line at 1-844-561-1337 if you have questions prior to enrolling. Once enrolled, you can chat via your online account at https://benefitslogin.wexhealth.com/Login, call 1-866-451-3399 or send an email to customerservice@wexhealth.com. WEX’s customer service team is available from 6 a.m. to 9 p.m. CT Mon. through Fri. with the exception of holidays.
The deadline for 2023 claim reimbursement is Mar. 31, 2024. You must submit 2023 eligible FSA expenses to WEX by this deadline.You may rollover up to $570 into your 2024 WEX FSA. Rollover funds may be used for eligible expenses incurred in 2024.
Resources
- Benefits Technology
- Dependent Care FSA
- FSA DCFSA Contribution Limits
- Medical FSA Handout
- WEX Mobile App
- WEX Benefits Debit Card
