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Medical/Dependent Care FSA

 Flexible Spending Accounts (FSA)

What is a Flexible Spending Account (FSA)?

The Medical Flexible Spending Account FSA(s) lets you take advantage of tax services by participating in a FSA and electing a portion of your pay to be deposited into an account on a pre-tax bases. An FSA lets you budget and save for qualified medical expenses. 

Your FSA funds are available to use at the start of the plan year, which is January 1st. You can use your FSA to pay for deductibles, co-pays, prescriptions, eyeglasses or any other qualified medical expenses.
To view eligible expenses and other resources go to: Discovery Benefits

You determine the annual amount you wish to contribute to the account. In 2019, you can contribute up-to $2,700 pre-tax dollars to your plan.  So plan ahead when enrolling in an FSA plan. You’ll first want to estimate how much you think you’ll spend on qualified expenses throughout the year.

Remember the IRS has a “Use or Lose” rule in place for FSA. Funds not spent by the end of the plan year which is December 31st, are at risk of being forfeited. Franklin Pierce elected a “carryover provision” meaning you can carryover up-to $500 of unused funds from your medical FSA which extends your deadline from December 31st to March 31st the following plan year. If you do not use that $500 or less by March 31st, you will forfeit it. So remember not to have more than $500 in your FSA on December 31st and use whatever you carry over by March 31st.

With the Discovery Benefits debit card, using your FSA dollars has never been easier. It streamlines the process of managing multiple benefits plans.  You’ll receive your one card when you enroll, and you can request additional cards for your spouse and dependents, 18 years or older.

You can submit documentation within minutes using the Discovery Benefits mobile app, available on Apple and Android devices. The app is the quickest and easiest method for filing claims and submitting documentation for your FSA purchases because it lets you use your phone’s camera to take pictures of documentation and upload them on the spot.

              

You can also submit documentation through your Discovery website, fax or by  regular mail. To submit documentation through the website, log in and follow the prompts.  You’ll see in the “Receipt(s) Needed” menu under the Home tab.

 

Need to spend down our balance but not sure what to use your funds on? Discover the thousands of eligible FSA expenses at the FSA Store and make purchases for FSA-eligible items using your per-tax dollars. Go to:

 

Dependent Care Flexible Spending Accounts

(DCFSA)

What is a Dependent Care Flexible Spending Account (DCFSA)?

A Dependent Care FSA (DCFSA) is a pre-tax benefit account used to pay for eligible dependent care services, such as preschool, summer day camp, before or after school programs, and child or adult daycare. It's a smart, simple way to save money while taking care of your loved ones so that you can continue to work.

Your DCFSA account allows you pay for dependent care for children under the age 13 who are living with you and you provide more than 50% support, or for your spouse or a relative who is physically or mentally incapable of self-care and lives in your home

In 2019, you can contribute up-to $5,000 in pre-tax dollars to your DCFSA account.  This can help you save up-to 30% on dependent care services, in addition to reducing your tax burden.

If you and your spouse are both eligible to contribute to a DCFSA through your respective employers, you together you cannot exceed $5,000.  Expenses reimbursed under your DCFSA may not be reimbursed under your spouse's Dependent Care FSA and vice versa.

All your contributions, except $500 must be used by December 31st.  Franklin Pierce elected a “carryover provision” meaning you can carryover up-to $500 of unused funds from your DCFSA which extends your deadline from December 31st to March 31st of the following plan year.  It’s important to estimate how much you spend on eligible dependent care expenses each year before you decide how much to contribute. You will forfeit anything in excess of $500 after December 31st and you will also forfeit any remaining funds you carried over on March 31st

You can submit documentation within minutes using the Discovery Benefits mobile app, available on Apple and Android devices. The app is the quickest and easiest method for filing claims and submitting documentation for your FSA purchases because it lets you use your phone’s camera to take pictures of documentation and upload them on the spot.

              

You can also submit your receipts through your Discovery website, fax or by regular mail. To submit your receipts through the website, log in and follow the prompt.  You’ll see in the “Receipt(s) Needed menu under the Home tab.

(866)451-3399

www.discoverybenefits.com

 
 
 

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