Flexible Spending Accounts (FSAs)
Increase your take home pay by contributing to the Flexible Spending Accounts (FSAs). By electing to set aside pre-tax dollars to cover known eligible expenses for medical care and dependent/elder daycare, you reduce your taxable income and pay no federal, state or Social Security taxes on the money used for those expenses.
- Your Coverage Choices
- Benefits Debit Card
- Substantiate Transactions
- Filing a Claim for Reimbursement
- Pre-Tax Plans
Your Coverage Choices
As part of health care reform legislation, the maximum amount you may set aside in a pre-tax FSA for health care expenses is $2,500. You may continue to fund a Dependent Care FSA up to the $5,000 maximum.
- Health care flexible spending account (HCFSA) - You can use the HCFSA for your and your dependents’ eligible medical, pharmacy, dental, vision and hearing expenses that are not covered by your insurance. This includes the cost of co-pays, co-insurance, eyeglasses, contact lenses, orthodontia, chiropractic care, and eligible over-the-counter drugs. View a list of eligible HCFSA expenses.
- Dependent care (day care) flexible spending account (DCFSA) - You can use the DCFSA to pay eligible child care (up to age 13) and elder care expenses that you incur because you and your spouse work. View a list of eligible DCFSA expenses.
Benefits Debit Card
The Benefits Debit Card works just like your checking account debit card. The Health Care Flexible Spending Account allows you to debit against your full annual pledge immediately. Always keep a copy of the receipts you get when using your Benefits Debit Card.
For transactions processed with your FSA debit card, collect all receipts and be sure to respond to requests from Discovery Benefits to substantiate (document) these transactions. Based on recent IRS guidelines, failure to respond to substantiation requests will result in the claim amount being processed as taxable income to you.
Filing a Claim for Reimbursement
If you choose not to use the Benefits Debit Card and wish to file a claim for reimbursement from either your Health Care FSA or Dependent Care FSA, this process can be completed in several ways. Discovery Benefits offers an easy to use online claims option at Discovery Benefits, or you can download a claim form. The fax number and mailing address are on the form.
You can also choose to have your reimbursements sent directly to your home or have them directly deposited into your bank account. A Direct Deposit Form will need to be completed and forwarded to Discovery Benefits before this can happen.
Contact Discovery Benefits or your local Human Resources department for answers related to your FSA questions.
If you could bring home more money per paycheck without working any additional hours, wouldn't you? That's a benefit of using Banner’s Pre-tax Plans.
As a benefit eligible employee, you have access to three plans that allow you to take a portion of your income and pay for certain premiums and expenses without paying the majority of taxes on that money. This program is often referred to as Pre-Tax Plan contributions. Federal legislation allows Banner Health to offer these plans to you.
The three plans offered to you are:
- Pre-Tax Premiums – If you participate in one of Banner’s Medical, Pharmacy, Dental or Vision Plans, your contributions are paid with pre-tax dollars. You do not need to make an election for this plan, as it is automatic upon enrollment.
- Health care flexible spending account (HCFSA)
- Dependent care (day care) flexible spending account (DCFSA)
Summary Plan Description
Detailed information on this benefit such as eligibility, plan coverage, limitations and contact information can be found in the Summary Plan Description (SPD).