Savings and Spending Accounts
Health Savings Account (HSA)
A Health Savings Account (HSA) is a powerful savings tool to help you and your dependents pay for eligible expenses tax-free, now and in the future – including during retirement.
The HSA is administered by Wex Health. In order to be eligible for an HSA:
- You must be enrolled in the Allegion HSP or HSP High Performance Network (HPN) medical plans.
- You cannot have an HSA if you are enrolled in any other medical coverage or Medicare, or claimed as a dependent on someone else’s tax return.
- You can also contribute to a Limited Purpose Flexible Spending Account (FSA), to give yourself even more pretax dollars to pay for out-of-pocket dental and/or vision expenses.
You can contribute pre-tax money into your HSA to help you pay for eligible healthcare expenses you may have during the year or in future years. Click here to view a Wex video that describes the advantages of saving in an HSA.
After you enroll in the HSA, you will receive a Wex debit card to pay for eligible healthcare expenses. Examples of eligible expenses include:
- Copays, coinsurance, insurance premiums
- Doctor visits and surgeries
- Over-the-counter medications
- Prescription drugs
- Birthing and Lamaze classes
- Dental and orthodontia expenses
- Vision expenses (frames, contacts, prescription sunglasses)
For a full list of eligible expenses, visit wexinc.com.
Questions?
Start It?
Contributions to the HSA are tax-free for you, whether they come from you or the company.
Plans with an HSA typically cost less than other plans, so the money you save on premiums can be put into your HSA. You save money on taxes and have more flexibility and control over your healthcare dollars.
Build It
All the money in your HSA is yours (including any contributions deposited by the company) even if you leave your job, change plans or retire.
Use It
You can withdraw your money tax-free at any time, as long as you use it for qualified expenses (a list can be found here).
You can also save this money and hold onto it for future eligible healthcare expenses – even those you may have during retirement.
Grow It
Unused money in your HSA will roll over, earn interest and grow tax-free over time.
You decide how to use the HSA money, including whether to save it or spend it for eligible expenses. When your balance is large enough, you can invest it — tax-free.
Contributions
The Company Contributions
In addition to the money, you contribute pre-tax money into your HSA to help you pay for eligible healthcare expenses you may have during the year or in future years, you can earn funding to this account by participating in the Sydney Health Well-being program. The tiles below indicate how you and your spouse can earn up to $1,000 each in free contributions. The Sydney Health Well-being program earnings count toward the IRS maximum HSA contribution maximum. The chart below details how your HSA works.
These are examples of the Sydney Health Well-being activities you and your covered spouse can complete to earn company contributions to your HSA (HSP or HSP HPN medical plan enrollment is required):
- $50 HSA contribution: Complete the Health Assessment
- $200 HSA contribution: Get an Annual Physical Exam
- $150 HSA contribution: Get your Cholesterol Checked
- $400 HSA contribution: $100 each for completing these activities: Dental Cleaning/Exam, Eye Exam, Vaccination, Routine Screenings.
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Your Contributions
You can contribute up to a IRS allowed maximum amount each calendar year to the HSA:
| 2026 HSA Contributions | "You Only" Coverage | Family Coverage |
|---|---|---|
| IRS Maximum | $4,400 | $8,750 |
| Allegion Contributions to Engage Wellness Activities | $1,000* | $2,000** |
| The Most You Can Contribute | $3,400 | $6,750 |
*Assuming you complete all wellness activities
**Assuming you and your enrolled spouse both complete all wellness activities
Don't Miss Out on Catch-Up Contributions
If you will be age 55 or older during the year, you can contribute an additional $1,000 in catch-up contributions to help you save for current and future eligible healthcare expenses. Workday will automatically show this option, if you qualify.
Change Your Contributions
You can make changes to your HSA contributions at any time. Just log into Workday, select Benefits, Change Benefits, HSA Contribution Change and Submit to change the amount of your HSA contribution.
The Power of Triple Tax Savings
The HSA is a powerful savings tool because it offers triple tax savings:
- Money you contribute goes into your HSA on a pre-tax basis
- Money grows tax-free with interest
- Money is withdrawn tax-free when used to pay for eligible expenses
Information at Your Fingertips
For convenient, real-time access to your HSA, download the Benefits Mobile App by Wex on the App Store or Google Play. With the app you can:
- Check your balance and view account activity
- File a claim and upload documentation using your phone’s camera
- Get instant updates on the status of your claims
- Scan an item’s barcode to determine if it’s an eligible expense
- And more!
Flexible Spending Accounts (FSAs)
Plan
Spend
Collect
Save
Questions?
Wex Health
Quick Links
Healthcare Flexible Spending Account (HCFSA)
If you know you’re going to have medical, prescription drug, dental and/or vision expenses, you can pay for it with pre-tax money by contributing to the Traditional Healthcare Flexible Spending Account (HCFSA). It’s like getting a discount of up to 30% on these expenses (depending on your tax bracket).
The HCFSA is available to pay for eligible expenses if you’re enrolled in the PPO or PPO HPN plans. Click here to view a Wex video that describes the advantages of saving in an HCFSA.
You avoid paying income taxes on the amount you contribute to the HCFSA because the money comes out of your paycheck before federal, state and Social Security taxes are calculated — and it's not taxed when you use it to pay eligible healthcare expenses. For an accurate estimate of what your tax savings might be, consult your tax advisor.
HCFSA
Using your HCFSA
Wex is our HCFSA administrator.
- You will receive a debit card in the mail after you first enroll in the HCFSA. This card works like a bank debit card.
- Use this card at the point of purchase for eligible services. The money will come out of your account automatically, and you don’t have to worry about submitting a paper claim.
- Keep your receipts. You may be asked to provide them, even if you use the debit card.
You can also pay for certain eligible expenses out of your pocket as usual. To be reimbursed, you can download the Benefits Mobile App by WEX on the App Store or Google Play. There, you can file claims and upload documentation in seconds using your phone’s camera. You’ll also receive instant updates on the status of your claims, be able to report cards as lost or stolen, check your balance and view account activity. You can also submit for reimbursement on the Wex website.
Key Features
- You can contribute from $100 to $3,400 to a HCFSA to pay for eligible healthcare expenses for the year.
- The entire amount you elect to contribute for the year is credited to your account and available to use on January 1.
- You can use your HCFSA funds for healthcare expenses incurred through March 15. If you don’t use all of your funds by then, you will lose them, according to IRS rules.
- The deadline to submit eligible expenses is April 15 following the year you make contributions.
Eligible Expenses
- Medical and dental plan deductibles and copayments
- Prescription drug copays
- Hearing aids
- Glasses and contacts
Limited Purpose Flexible Spending Account (LPFSA)
If you are enrolled in a medical plan that lets you have a Health Savings Account (HSA), the Limited Purpose Flexible Spending Account (Limited Purpose FSA) gives you another opportunity to use tax-free money for eligible dental and vision expenses.
Important: You cannot use a Limited Purpose FSA for medical or prescription drug expenses. You can use your HSA for these healthcare expenses.
You avoid paying income taxes on the amount you contribute to the Limited Purpose FSA because the money comes out of your paycheck before federal, state and Social Security taxes are calculated — and it's not taxed when you use it to pay eligible dental and vision expenses. For an accurate estimate of what your tax savings might be, consult your tax advisor. Click here to view a Wex video that describes the advantages of saving in an HSA and LPFSA.
LPFSA
Using your Limited Purpose FSA
Wex is our Limited Purpose FSA administrator. There are two ways to access the funds in your account:
- Your payment card. It works just like a debit card. Make sure you save your receipts in case you need to provide documentation.
- Mobile app. There, you can file claims and upload documentation in seconds using your phone's camera. You'll also receive instant updates on the status of your claims, be able to report cards as lost or stolen, check your balance and view account activity. The app is available on the Apple App Store or on Google Play. You can also submit for reimbursement on the Wex website.
Key Features
- You must enroll in the Allegion HSP or HSP HPN medical plans to be eligible for a Limited Purpose FSA.
- You can contribute up to $3,400 annually to a Limited Purpose FSA to pay for eligible dental and/or vision expenses for you, your spouse and your dependent children.
- You cannot have a Traditional Healthcare FSA and Limited Purpose FSA at the same time.
- The entire amount you elect to contribute for the year is available to use at the start of the year.
- You must use the money you contribute during the plan year by the expense deadline. You will forfeit any money left in your account after the deadline, according to IRS rules.
Key Dates to Keep in Mind
- January 1, 2025: All funds are available
- March 15, 2026: Deadline to incur eligible 2025 expenses
- April 15, 2026: Deadline to submit eligible expenses
Dependent Care Flexible Spending Account (DCFSA)
If you participate in the Dependent Care Flexible Spending Account (DCFSA), you’re already experiencing the benefits of tax-free money. If you’re not, and you have expenses for childcare or caring for a disabled dependent adult, consider electing the DCFSA during the next Annual Enrollment period or if you have a qualifying family status change.
Why? Because you’ll save money on federal income taxes, potentially hundreds of dollars a year, depending on your income and tax bracket. Click here to view a Wex video that describes the advantages of saving in an DCFSA.
Important: The DCFSA is for eligible dependent care expenses, not medical expenses.
You avoid paying income taxes on the amount you contribute to the DCFSA because the money comes out of your paycheck before federal, state and Social Security taxes are calculated — and it's not taxed when you use it to pay eligible dependent care expenses. For an accurate estimate of what your tax savings might be, consult your tax advisor.
Note that if you use the DCFSA or take a federal income tax credit for your dependents, the IRS requires that you provide the name, address and Social Security/tax identification number of your care provider.
DCFSA
Reimbursement
You will pay the provider and then submit for reimbursement on the mobile app or Wex website. The app can be found on the Apple App Store or Google Play.
Remember these important things:
- You can only be reimbursed up to the amount that has already been credited to your account.
- Use the DCFSA to cover children under age 13 or disabled dependents of any age.
- You must provide documentation, such as a receipt, including the service provider’s name, the service date, service description, the person who received the service and the amount.
- If you decide to not enroll in the DCFSA the following year, you can submit your expenses through the end of the plan year for payment up to the amount you’ve contributed.
Key Features
- You can contribute up to $7,500 to a DCFSA to pay for eligible dependent care expenses for the year (if you’re single or married and file taxes jointly). Plan carefully, as you lose any money you don’t use during the year, according to IRS rules.
- To be eligible, if you’re married, both you and your spouse must be working, actively looking for employment, a full-time student or physically/mentally disabled.
- Eligible dependents must be claimed as dependents on your federal tax return and be:
- Under age 13, or
- Mentally or physically unable to provide care for themselves regardless of age, have the same principal place of residence as you for more than one-half of the year, and who regularly spend at least eight hours per day in your home (this may be a spouse or older relative)
- You can use your DCFSA funds for dependent care expenses through December 31 of the plan year.
- The deadline to submit eligible expenses is April 15 following the year you make contributions. Any balance remaining after that time is forfeited and can’t be rolled over
Eligible Expenses
- Care at licensed nursery schools*
- Before- and after-school care for children under age 13*
- Day camps*
- Childcare centers that provide day care*
- Services from individuals who provide care in or outside your home while you work
- Household services (related to the care of the elderly or disabled adults or children who live with you) provided by a housekeeper, maid, cook, etc., as long as the individual is partly responsible for the well-being and care of your qualified dependents
* To qualify, the school or center must comply with state and local laws, serve at least seven individuals and receive a fee for its services.
Some expenses are ineligible, however. They include:
- Services provided by your spouse
- Services provided by a child of yours younger than age 19
- Services provided by a dependent for whom you claim an exemption for federal income tax purposes
- Nursing home or custodial care
- Overnight camp expenses
- Babysitting expenses for time when you're not working
- Tuition expenses for kindergarten and up
- Expenses claimed under the Dependent Care Tax Credit
- Day care services incurred while you and/or your spouse are on a leave of absence
View the full list of Dependent Care FSA Eligible Expenses.
Health Reimbursement Arrangement (HRA)
The HRA is administered by Wex Health. You'll be automatically enrolled in a HRA if you enroll in the Allegion PPO or the PPO High Performance Network (HPN) medical plan.
Only Allegion can make contributions to your HRA. If you have HRA credits left over at the end of the year, and you re-enroll in the Allegion PPO or PPO HPN medical plans the following year, all your funds roll over to the new year. However, if you leave the company or change medical plans, you will forfeit any remaining balance.
Contributions
Allegion makes contributions to your HRA when you complete certain wellness activities with Sydney Health; specifically:
- $15 HRA Contribution: Complete the Health Assessment
- $25 HRA Contribution: Get Your Cholesterol Checked
- $75 HRA Contribution: Get an Annual Physical Exam
- $100 HRA Contribution: $25 each for completing these activities: Dental Cleaning/Exam, Eye Exam, Vaccination, other Routine Screenings
You can earn a total of up to $250 in HRA contributions if you complete all the wellness activities and up to $500 if both you and your enrolled spouse complete all the wellness activities.
Eligible Expenses
You will receive a Wex debit card, and money in your HRA can be used for eligible expenses such as:
- Doctor visits and surgeries
- Over-the-counter medications
- Prescription drugs
- Dental and orthodontia care
- Vision expenses
For a full list of eligible expenses, visit wexinc.com.
Contact Wex
Information at Your Fingertips
- Check your balance and view account activity
- File a claim and upload documentation using your phone’s camera
- Get instant updates on the status of your claims
- Scan an item’s barcode to determine if it’s an eligible expense
- And more!