Flexible Spending Accounts
Flexible Spending Accounts (FSA)
Discovery Benefits manages Flexible Spending Accounts (FSA) for you and any eligible dependents when you first become eligible to enroll, during Open Enrollment, or if you experience a qualifying event.
These accounts allow you to set aside a specific pre-tax dollar amount each calendar year to pay for or reimburse you or your dependents for qualified out-of-pocket expenses for:
- Medical care, dental care, vision care
- Dependent care
Even though these accounts do provide tax savings, it’s important to carefully estimate your annual election amount since the IRS regulations stipulate that these accounts are “Use it or Lose It.” If you do not spend your balance within the calendar year (or short grace period at the end of the year) you will forfeit it.
Medical Flexible Spending Account (MFSA)
- You may set aside as little as $200 per year or as much as $2,750 (IRS maximum) per employer per year to pay for or be reimbursed for out-of-pocket medical and vision (copayments, deductibles, glasses, laser-vision correction, and even sunscreen) and dental expenses (orthodontics and expenses over plan allowances).
- Plan Year is January 1, 2021 – March 15, 2022, and the last day to submit claims for the 2021 plan year is March 31, 2022.
- You must make an active plan election each year (election does not rollover from year to year).
Limited Purpose Flexible Spending Account (LPFSA)
- You must be enrolled in the HDHP and the HSA.
- You may set aside as little as $200 per year or as much as $2,750 (IRS maximum) per employer per year to pay for or be reimbursed for out-of-pocket dental and vision expenses only.
- Plan Year is January 1, 2021 – March 15, 2022, and the last day to submit claims for the 2021 plan year is March 31, 2022.
- You must make an active plan election each year (election does not rollover from year to year).
Dependent Care Flexible Spending Account (DCFSA)
- You may set aside as little as $200 per year or as much as $5,000 (IRS maximum) per family per year to be reimbursed for qualified dependent childcare expenses for children up to age 13 incurred while you are working at the University.
- Plan Year is January 1, 2021 – December 31, 2021, and the last day to submit claims for the 2021 plan year is March 31, 2022.
- You must make an active plan election each year (election does not rollover from year to year).
Once you are enrolled in the Medical and Limited Purpose FSA you will receive a Discovery Benefits debit card with your election amount. This debit card can be used to pay for out of pocket expenses as soon as you receive it.
*Remember, you will need to keep your receipts as documentation and upload them to the Discovery Benefits website for final approval.
For more information please visit the Discovery Benefits website or call them at 1-877-765-8810.