Page 9 - Murphy Benefits Guide

Flexible Spending Account

(FSA)

What is a Flexible Spending Account (FSA)?

A lexible spending account (FSA) allows you to set aside pre-tax dollars
from your paycheck to cover qualiied expenses that you would normally
pay out of your pocket with after-tax dollars. We partner with Discovery
Beneits to offer two types of lexible spending account programs.

Healthcare FSA

The healthcare FSA helps you pay for certain IRS-approved medical care
expenses not covered by your insurance plan with pre-tax dollars. The
maximum contribution to the healthcare FSA for 2020 is $2,750.

Funds you elect to contribute are available to the healthcare FSA are
available in full on the irst day of the plan year. For example, if you elect
to contribute $1,000, full election is available on day one. You’ll continue
to pay for the election pre-tax from your paycheck throughout the plan
year.

If you enroll in the Premium Plan or Regular Plan, you are eligible to
contribute to the Healthcare FSA.

Eligible Expenses

Healthcare FSA

X Doctor’s visit copays

X Prescription drug copays

X Medical and dental deductibles

X Over-the-counter medications
(with a written prescription)

X Hearing aids

X Eye glasses

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