Flexible Spending Accounts
The university offers Health Care and Dependent Care Flexible Spending Account (FSA) options administered by Discovery Benefits.
Not sure exactly what a FSA is? Check out FSA 101, a great introductory video provided by Discovery Benefits. Basically, flexible spending accounts provide pre-tax dollars to be used toward medical, dental, vision, pharmacy, and daycare expenses. This is a savings to you and adds extra money in your pocket. Flexible spending accounts do have a "Use-it-or-lose-it" provision, meaning any unspent money at the end of the grace period of March 15 must be forfeited.
Health Care Flexible Spending Account
The Health Care (FSA) annual employee contributions are available to use beginning January 1, 2021. You may use these funds for you and your dependents. The maximum annual employee contribution limit for a Health Care Flexible Spending Account (FSA) is $2,700.
Dependent Care Flexible Spending Account
The Dependent Care (FSA) annual employee contributions accumulate on a per pay period basis. You may use these funds to reimburse you for daycare and children's camp expenses. The maximum annual employee and household contribution limit for Dependent Care FSA is $5,000.
The university 2020 FSA plan year has a grace period that extends to March 15, 2021. During the Grace Period, you can continue to incur claims and use any remaining balance in your 2020 Health Care FSA or your Dependent Care FSA. You then have until April 15, 2021 to submit final claims for reimbursement from your 2020 balance.
Discovery Benefits has a lot of great resources for participants. The Discovery Benefits website offers guides, calculators, etc. You can also check out some helpful information listed below.
Discovery Benefits Contact Information
Customer Service: 866-451-3399
Live Chat: www.discoverybenefits.com/contact
Click to view customer services instructions for retirees.