The Flexible Spending Account (FSA) program is administered by Wex as allowed by the Internal Revenue Service (IRS). The program offers employees the opportunity to participate in this tax deferred benefit. Each year, employees have the option to participate in the following reimbursement accounts: medical, dependent care, mass transit or parking. Wex is the carrier processing claims.
Once an employee commits to participate in the reimbursement program, they must decide on the annual amount they wish to contribute. The annual amount will be divided, then deducted from the employee's paychecks in 24 equal installments.
Section 125 Medical and Dependent Care
This plan allows participants the opportunity to set aside a portion of their salary to pay for certain medical and/or dependent care expenses. The participant will not be taxed on amounts set aside and used for qualified expenses (that is, pre-tax dollars are used to pay the medical and/or dependent care expenses).
The 2026 annual medical reimbursement account maximum is $3,400 ($3,300 in 2025). The annual dependent care reimbursement account maximum is $7,500.
The IRS permits an annual rollover on the medical reimbursement account only. Medical FSA participants can roll over up to $680 of unused medical flex money from 2026 to 2027. This means that amounts that a participant did not use during the 2026 plan year could be carried over to the 2027 plan year and used for eligible expenses incurred in the 2027 plan year. Flex dependent care balances cannot be rolled over.
One very IMPORTANT aspect of the medical and dependent care program is the forfeiture of funds if an employee does not expend all dollars indicated in their account by the end of the plan year. The employee must “use the money or lose it.” (For the medical, this is for any amount above the rollover threshold). Employees participating in the program are encouraged to plan their accounts carefully.
Because elections under the flexible compensation program must be renewed annually, a new enrollment needs to be completed during open enrollment for the first of each calendar year.
Wex Info
- Medical FSA Open [Video]
- What is a Dependent Care FSA? [Video]
- Medical FSA and Dependent Care FSA Contribution Limits and IRS Regulations
- Wex Virtual Enrollment Fair (Additional resources on the FSA plans and eligible expenses, video library, knowledge base and contact information)
- Eligible Interactive Expense List - Wex provides a searchable list that outlines which items are approved expenses that can be paid from a flexible spending account (FSA).
- Benefits Technology & Resources - Access benefits 24/7 with the free Wex mobile app. Get instant updates on claims, file claims and upload documentation via camera and check other account activity.
CONTACT WEX (If you have additional questions about enrolling in FSA or questions about an existing account, please contact Participant Services Below):
- Click here to file a claim electronically or to view your balance via your Wex Benefits account (first time users will need to create a new account. Note: when creating an account, you will need to use your SSN as Wex does not have Mount Prospect Employee numbers on file).
- Live Chat (Available Tuesday - Wednesday, 10:30 am to 7:00 pm CST, with the exception of some major holidays)
- New Participants with questions about enrollment? Phone: 844-561-1337
- Current Participants with questions? Phone: 866-451-3399
- Wex FSA FAQS 9.20.2023
Mass Transit
A Commuter Fringe Benefit Plan is a Plan established by your employer that allows you to set aside pre- and post-tax dollars to pay for qualified commuter expenses you incur for travel to and from work for your employer.
Your Mass Transit Account is used to set aside dollars to pay for mass transit passes for commuting to and from work. The Mass Transit Account may also be used to pay for Van Pool (Commuter Highway Vehicle) expenses.
Parking
A Commuter Fringe Benefit Plan is a Plan established by your employer that allows you to set aside pre- and post-tax dollars to pay for qualified commuter expenses you incur for travel to and from work for your employer.
Your Parking Account is used to pay for qualified parking expenses you incur for parking at or near your regular place of employment, or expense incurred to park your car at a location from which you commute to your regular place of employment.