FSA and HSA Accounts
Flexible Spending Accounts
Learn how you can use pre-tax dollars to pay for certain types of healthcare or dependent care expenses, reducing your taxable income. Monies set aside are deducted each pay period on a pre-tax basis. Expenses may be paid with your DBI debit card or via electronic claim submission.
Use the calculators, list of eligible expenses and other planning tools at www.discoverybenefits.com to learn more about these accounts. The plan year to incur expenses is extended through September 15. Deadline to submit eligible claims for reimbursement is December 31. View the Participant Guide for claim filing directions and helpful tips on using Discovery Benefits' website.
Healthcare Flexible Spending Account
Dependent Care Flexible Spending Account
Save Your Reciepts!
While the FSA debit card is a great way to pay for many eligible expenses, use of the debit card does not take away the IRS requireent of submitting documentation. DBI will contact you when manual claims substantiation is required. Failre to submit documentation withink the deadline will result in the cancellation of the debit card.
Health Savings Accounts
HSAs are available to Plan H members only. Employees enrolled in Medicare or listed as a dependent on another person’s tax return are not eligible for Health Savings Accounts.
HSAs resemble individual retirement accounts, except the money is earmarked for healthcare expenses. The IRS announces the maximum amounts permitted for deposit each year.
Employees who activate their health savings account within 90 days after the effective date are eligible for a University contribution of: