FLEXIBLE SPENDING ACCOUNTS:
IMMEDIATE TAX SAVINGS

A Flexible Spending Account (FSA) lets employees take home a larger paycheck by reducing their taxable income. Employees enrolled contribute tax-free dollars into an account that can be used throughout the year on qualified medical, dental and vision or qualified dependent care expenses  reducing out-of-pocket costs.

We offer three different types of accounts: A Medical FSA that covers general-purpose health expenses; a Limited Medical FSA that covers qualifying dental, vision and preventive care expenses and can also be paired with a High-Deductible Health Plan (HDHP) and a Health Savings Account (HSA); and a Dependent Care FSA that lets participants save money on day care expenses for children up to age 13 or a disabled spouse or dependent of any age. 

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ALL ABOUT FLEXIBLE SPENDING ACCOUNTS

 

Employee enrolls through employer and sets an annual election amount, which will be available the first day of the plan year

 

Employee swipes the Discovery Benefits debit card for qualified expenses OR

 

Employee pays out of pocket and requests reimbursement

The 2019 IRS annual contribution limit for a Medical Flexible Spending Account is $2,700.

 

Employee enrolls alongside an HSA and sets an annual election amount, which will be available the first day of the plan year

 

Employee swipes the Discovery Benefits debit card for qualified vision and dental expenses OR

 

Employee pays out of pocket and requests reimbursement

The 2019 IRS annual contribution limit for a Limited Medical Flexible Spending Account is $2,700.

 

Employee enrolls in a Combination (or Post-Deductible) FSA and sets annual election amount

 

Employee uses account to pay for qualified vision and dental expenses until they've met the IRS deductible

 

Once the deductible has been met, employee's account converts into a Medical FSA and more expenses will be eligible

 

Employee enrolls and sets an annual election amount (to be eligible, the employee and his/her spouse must work, be looking for work or be full-time students)

 

Employee submits reimbursement request for day care expenses for children under age 13 OR

 

Employee submits reimbursement request for expenses related to a disabled spouse/dependent of any age

The 2019 IRS annual contribution limit for a Dependent Care Flexible Spending Account is $5,000.

THE DISCOVERY DIFFERENCE

Discovery Benefits makes it easy for participants to maximize their savings with a Flexible Spending Account. Here's what sets us apart:

 

One card, one online account, one app, and one service center for all benefits

 

User-friendly technology that improves ease of accessing funds

 

Numerous carrier integrations

 

Transparent claim tracking and fast payment processing

 

Ongoing education to help participants make the most of funds

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