What is Wintrust Workplace Solutions (WWS)?
Wintrust Workplace Solutions is an employee benefits provider offering accounts like Health Savings Accounts, Flexible Spending Accounts, Health Reimbursement Arrangements, and more.

What Benefit Plans does WWS offer?
WWS offers pre-tax accounts, including Health Savings Accounts (HSAs), Flexible Spending Accounts (FSA, LPFSA, DCFSA), Health Reimbursement Arrangements (HRA, ICHRA), and commuter and transit accounts.

What is the Health Wallet?
The WWS Health Wallet is a centralized, online, and mobile platform that allows members access to their benefit accounts.

What is the Health Wallet Manager?
The WWS Health Wallet Manager is an employer tool that allows businesses to customize and manage their benefits program and get direct access to reporting.

What is a Health Savings Account (HSA)?
An HSA is a personal savings account designed to help you pay for health care costs. There are a few things you need to know when opening an account:

• Enrollment in a High-Deductible Health Plan (HDHP): You must be covered by a health plan that meets the IRS requirements for high deductibles. Visit this page to learn more about contribution limits and other IRS guidelines. 
• No Other Health Coverage: You cannot be enrolled in any other health plan that is not an HDHP, except for certain types of coverage like dental, vision, or long-term care insurance.
• Age and Dependency Status: You must be at least 18 years old and cannot be claimed as a dependent on someone else's tax return.
• Not Enrolled in Medicare: If you are enrolled in Medicare (Part A or B), you are not eligible to open or contribute to an HSA.

An HSA allows you to set aside pre-tax dollars for qualified medical expenses like prescriptions and deductibles. Your balance never expires—it rolls over every year, growing with you.

What is a High-Deductible Health Plan (HDHP)?
An HDHP is a health insurance plan with lower monthly premiums but a higher deductible than traditional plans. This means you pay less each month to keep your insurance, but you pay more out-of-pocket for care before your insurance kicks in. These plans are specifically designed to be paired with an HSA.

Are there limits to how much I can contribute to my HSA?
Yes. Please visit the contribution limits page on our website.

What are the IRS-qualified medical expenses that I can pay for with my tax-free HSA funds?
You can use your tax-free HSA funds for any IRS-qualified medical expense. This includes your standard deductibles and prescriptions, but it also covers dental work, vision care, and over-the-counter health supplies (like bandages and cold medicine). For a complete list of IRS-qualified medical expenses, visit irs.gov.

Can I use my tax-free HSA savings to pay for—or reimburse myself for—IRS-qualified medical expenses from a previous year?
Yes. You can reimburse yourself for any qualified medical expense from a previous year, provided your HSA was already open when the expense occurred. Keep your receipts and records in case of an audit to prove that the expense hasn’t been paid for by another source (like insurance) or claimed as a tax deduction elsewhere.

Can I move money from a current or prior HSA to my WWS HSA?
Yes. You can consolidate your health savings into your Wintrust account in two ways:

• Trustee-to-Trustee Transfer (Recommended): Your current bank sends the money directly to Wintrust. This is tax-free, has no 60-day deadline, and you can do it as many times as you like per year. 
• Rollover: The money is sent to you first, and you then deposit it into your Wintrust HSA. You must complete this within 60 days to avoid taxes and penalties, and the IRS limits you to one rollover every 12 months.

What is a Flexible Spending Account (FSA)?
An FSA is an employer-provided benefit that lets you pay for health and family care expenses with tax-free dollars. By diverting a portion of your paycheck into your FSA before taxes are taken out, you lower your taxable income and save roughly 30% on out-of-pocket costs.

• Health Care Flexible Spending Account (HCFSA): Covers medical, dental, and vision expenses for you, your spouse, and dependents.
• Limited Purpose FSA (LPFSA): Covers things like braces, glasses, or dental cleanings, so your HSA funds remain untouched and can continue to grow.
• Dependent Care FSA (DCFSA): Covers daycare, preschool, and elder care expenses.

Because FSAs are “use-it-or-lose-it” plans, you’ll want to estimate your spending carefully each year.

How does an FSA work?

• Contributions: Annual elections are deducted in equal installments per pay period. These contributions are excluded from gross income, providing immediate tax relief.
• Availability: The total annual election for Health FSAs is available to the participant on the first day of the plan year, regardless of the amount contributed to date.
• Review current IRS limits by visiting the IRS guidelines and contributions pages on our website for more information.

What is a Health Care Flexible Spending Account (HCFSA)?
An HCFSA is an employer-sponsored benefit that allows employees to set aside pre-tax income to pay for eligible medical, dental, and vision expenses, thereby reducing taxable income.

What is a Limited Purpose FSA (LPFSA)?
An LPFSA is a tax-advantaged account designed specifically for people who already have an HSA. While your HSA handles major medical bills and long-term savings, your LPFSA is dedicated to dental and vision expenses only. By using an LPFSA for things like braces, glasses, or dental cleanings, you keep your HSA funds untouched so they can continue to grow and earn interest.

What is a Dependent Care FSA (DCFSA)?
A DCFSA is a tax-saving account that helps you pay for the cost of caring for your dependents while you work. You can use DCFSA funds for:

• Childcare: Nannies, daycare centers, and before/after-school programs
• Education: Preschool and nursery school tuition
• Seasonal Care: Summer day camps (overnight camps do not qualify)
• Adult Care: Senior daycare for elderly dependents who live with you

What is a Health Reimbursement Arrangement (HRA)?
An HRA is an IRS-approved employer-sponsored plan that provides tax-free reimbursement for out-of-pocket medical expenses.

• Funding: Solely funded by the employer; employee salary deductions are not permitted.
• Coverage: Includes a wide range of IRS-qualified expenses, often including dental and vision care.
• Portability: Unlike an HSA, HRA funds are not portable and remain with the employer upon termination of employment.