Flexible Spending Accounts

Flexible Spending Accounts  

Overview

Using an FSA is like getting a discount on everyday health and/or dependent care expenses because you’re paying with tax-free money. There are separate FSAs for health care and dependent care.

 

Health Care FSA

Available to employees who enroll in the PPO Plan or do not elect medical coverage

  • Contribute between $260 and $2,750 annually through pre-tax payroll deductions to help cover eligible medical, vision, and dental expenses.
  • Choose your contribution amount during Annual Enrollment. You can only change your contribution amount during the year if your personal situation changes.
  • Spend your money by using your FSA debit card, or log in to the Discovery Benefits website to request reimbursement for payments you’ve made.
  • Your entire annual contribution is available to you from the beginning of the plan year.
  • Unused money does not carry over at the end of each year — use it or lose it. Be sure to estimate your expenses carefully!
  • You have until March 31st of the year following the end of a plan year to submit claims for expenses incurred from the previous calendar year. There is no grace period for incurring expenses.

 

Limited Purpose FSA

Available only to employees who enroll in an HSA 

  • Designed to work together with your Health Savings Account (HSA) for additional tax-saving opportunities that help you maximize your health care spending dollars.
  • Contribute between $260 and $2,750 annually through pre-tax payroll deductions. This account can be used on eligible dental and vision expenses only. For a list of eligible expenses, refer to IRS Publication 502.
  • Choose your contribution amount during your new hire enrollment window. You can only change your contribution amount during the year if your personal situation changes and during Annual Enrollment.
  • Spend your money by using your FSA debit card, or log in to the Discovery Benefits website to request reimbursement for payments you’ve made.
  • Your entire annual contribution is available to you from the beginning of the plan year.
  • Unused money does not carry over at the end of each year — use it or lose it. Be sure to estimate your expenses carefully!
  • You have until March 31st of the year following the end of a plan year to submit claims for expenses incurred from the previous calendar year. There is no grace period for incurring expenses.

 

Dependent Care FSA

Available to all employees

  • Contribute up to $5,000 annually (or $2,500 if married and filing separate tax returns) through pre-tax payroll deductions to help cover your eligible dependent care expenses, including child care for children up to age 13 and care for dependent elders.
  • The expenses must be incurred to enable you (and your spouse/domestic partner) to work. This account cannot be used to reimburse medical expenses.
  • Log in to Discovery Benefits to request reimbursement for payments you’ve made.
  • Choose your contribution amount during your new hire enrollment window. You can only change your contribution amount during the year if your personal situation changes and during Annual Enrollment.
  • Unused money does not carry over at the end of each year — use it or lose it. Be sure to estimate your expenses carefully!
  • You have until March 31st of the year following the end of a plan year to submit claims for expenses incurred from the previous calendar year. There is no grace period for incurring expenses.

 

Important information about FSAs:

  • Your contributions will be deducted from your paychecks in equal amounts during the plan year.
  • You must re-enroll in an FSA each year during the Annual Benefits Enrollment period in order to continue participating in that account.
  • FSAs are strictly governed by IRS regulations. For more details and a list of eligible expenses, you can refer to IRS Publications 502 and 503 available at www.irs.gov or call 1-800-TAX-FORM. If there is a discrepancy between Masonite’s guide and the IRS regulations, the IRS regulations will prevail.
Contact Us

 Website
Discovery Benefits
 Phone
1.866.451.3399

Policy/Group Number: 27711