Page 11 - Benefits Guide BICS 2020 Final

Flexible Spending Accounts (FSA)

Flexible Spending Accounts (FSA) allow you the opportunity to set aside money before taxes are deducted to pay for certain health
and/or dependent care expenses. If you elect to contribute, contributions will be taken in equal amounts from each of your
paychecks for the remaining pay periods left in the year. Only expenses for services incurred during the plan year are eligible for
reimbursement from your accounts. There are three different types of FSAs available to you.

Health Care FSA
This plan is used to pay for expenses not covered under your medical, dental or vision plans, such as deductibles, coinsurance,
copays and expenses that exceed plan limits. In 2020, employees may defer up to $2,750 pre‐tax. This is the individual limit; your
spouse or domestic partner may contribute to his/her own Health Care FSA as well. You are able to use FSA funds to cover eligible
expenses for any of your tax dependents. Health care FSA dollars are available to you at any time during the year; you have the
ability to access your full annual election in January, 2020.

Please note that due to IRS regulations, if you enroll in the HDHP with HSA, you may only participate in the Limited Health Care FSA
to cover out-of-pocket Dental and Vision expenses.

Limited Health Care FSA
This plan is intended for employees enrolled in the PPO HDHP with HSA medical plan and allows you to pay for eligible out-of-
pocket dental and vision expenses such as plan deductibles, copays, coinsurance amounts, and other non-covered care. Medical
expenses may only be paid with this account once the medical plan deductible has been met. In 2020 you may defer up to $2,750
pre-tax. Limited Health care FSA dollars are available to you at any time during the year; you have the ability to access your full
annual election in January, 2020.

Dependent Care FSA
If you and your spouse work, are looking for work, or are in school full time, the Dependent FSA lets you set aside pre-tax money
for eligible day care, summer day camp, after-school, or home care expenses for qualified dependents, including children under
age 13 (or older, if disabled). Other individuals may qualify if they are considered your tax dependent and are incapable of self-
care. You may defer up to $5,000 per household per year, or up to $2,500 if you and your spouse both work and file taxes
separately.

Dependent Care account dollars are only available to you once the money has been set aside in your account. You can file claims in
advance and Discovery will send automatic reimbursements once funds become available after each pay period.

Reimbursements
You have several ways to access your FSA funds for your eligible expenses, including using your Discovery Benefits debit card or
submitting receipts and being reimbursed via direct deposit into your bank account. Please visit the website for additional info
www.discoverybenefits.com

Reminders
• Elections cannot be changed during the year unless you have a qualified change in family status and the election change must
be consistent with the event.
• You cannot use your 2020 funds to pay for expenses incurred in 2019.
 3/15/2021: Last day to use FSA fund under Grace Period
 3/31/2021: Last day to file claims for eligible expenses or you forfeit any remaining balance

Educational Video
Click here to watch a quick video to learn the basics of how Flexible Spending Accounts work.

http://video.burnhambenefits.com/fsa/

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