The Flexible Spending Accounts, administered through Discovery, are a great way to save money on eligible health care and dependent care expenses. You decide how much you want to save each year, then contributions come out of your paycheck before taxes are taken out. You can contribute to either or both FSAs:
|Flexible Spending Account – Health Care||Flexible Spending Account – Dependent Care|
IMPORTANT – Estimate Carefully!
Keep in mind, FSAs are “USE-IT-OR-LOSE-IT” accounts. You will forfeit any amount in your Health Care account at the end of the plan year and any amount left in your Dependent Care account. Plan for expected costs and save on tax expenses!
There are some important things to consider before you enroll in the FSAs:
- If you are enrolled in the Consumer Choice or Bronze Medical Plan, you cannot contribute to the health care FSA
- Our plan year is from July 1 through June 30, so money you contribute must be used during that timeframe. You will have a 2½ month grace period beyond June 30 to incur expenses
What’s an eligible expense?