Flexible Spending Account (FSA)
Flexible Spending Accounts (FSAs) enable you to set aside money on a pre-tax basis to pay for your out-of-pocket health care expenses.
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Eligibility
If you are a Full-time Team Member, you can enroll during Annual Open Enrollment or within 90 days of becoming benefit eligible.
Important: You do not need to enroll in a Shake Shack medical plan to participate in the Dependent Care FSA. However, the Health Care FSA is available only to Team Members enrolled in the Basic, Plus, or Premier medical plan, while the Limited-Purpose FSA is available to Team Members enrolled in the HDHP with HSA plan who have an HSA.
Grace Period
Unlike HSAs, FSAs are use-it-or-lose-it accounts, which means any unused funds are forfeited at the end of the grace period. Team Members can spend any unused 2027 FSA funds on claims incurred from January 1, 2027, through March 15, 2028, and will have until March 31, 2028, to submit receipts. Any unused funds will be forfeited.
Healthcare FSA
- Set aside money to pay for eligible healthcare expenses, such as medical (plan deductibles, copays, coinsurance), prescription drugs, dental and vision expenses, for you and your eligible dependents.
- Contribute up to $3,400* in 2027. Funds are available to use immediately.
- Pay for expenses in two ways:
- Use the WEX debit card or pay out of pocket and submit claims for reimbursement. Keep your receipts to substantiate any claims.
- Complete a claim form indicating that the expense has been incurred during the plan year, along with supporting documents, such as a bill or itemized receipt from the provider. If these items are not available, you may have the care provider acknowledge receipt of payment by signing the claim form.
*Annual contribution limits are subject to change per IRS ruling.
Dependent Care FSA
- Set aside money to pay for eligible expenses for dependent(s) under age 13 or your dependent or spouse who is physically not able to care for themselves and is considered a qualified dependent.
- Contribute up to $7,500* per calendar year, pretax, or $3,750 if you are married and file taxes separately. Funds are able to use immediately.
- You can use the account to pay for eligible dependent care expenses, including day care, after-school programs, and elder care programs. Reimbursement from your Dependent Care FSA is limited to the total amount deposited in your account at that time. Note: You cannot use your Healthcare FSA to pay for dependent care.
*Annual contribution limits are subject to change per IRS ruling.
Limited Care FSA
If you select the Shake Shack HDHP with HSA medical plan and contribute to a WEX HSA, you are eligible to enroll in a Limited Care FSA alongside your HSA to maximize savings. These funds can be used for qualifying dental, vision, or post-deductible medical expenses.
You can contribute up to $3,400* in 2027. Funds are available to use immediately.
*Annual contribution limits are subject to change per IRS ruling.
Managing Your FSA
Go to wexinc.com, or call 866.451.3399 to manage your savings and spending accounts. You can also download the WEX mobile app, Benefits by WEX, for on-the-go account access.
Eligible Expenses
Visit the WEX website and use the drop down to filter by the appropriate account type.
Using Your FSA
- Plan. Determine how much to contribute based on the contribution limits.
- Spend. Use your funds for eligible expenses with your debit card, or pay upfront and submit for reimbursement.
- Collect. Submit IRS-required documentation to substantiate your claims and collect your reimbursement.
HSA vs. FSA: What’s The Difference?
*Subject to annual IRS adjustments.