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Flexible Spending Account

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A Flexible Spending Account (125 FSA) allows you to set aside pre-tax dollars from your paycheck to be used for paying out of pocket medical, dental, vision, and dependent care expenses. Participants reduce their federal and state income taxes because contributions you make to your 125 FSA are not reported as income to the IRS. Pay for doctor co-pays, child care, deductibles, hospital fees, lab fees, contact lenses, contact solutions, braces, and even cold medicine with your 125 FSA

  • Enroll by the 1st of the month following 60 days of employment (or during annual open enrollment)
  • Minimum of 30 hours per week are required for eligibility

 

125 FSA Highlights:

If you pay out of pocket for any of the following items, then a FSA may be right for you!

  • Medical Spending Account - For your family's health, dental and vision care costs which are not covered by insurance. (Re-direct a portion of your salary into a medical reimbursement account (up to $1,500 annually)
  • Dependent Care Spending Account - For eligible expenses incurred for dependent day care while you work. (Re-direct a portion of your salary for dependent care costs (up to $5,000 annually)
  • Employees are issued debit cards for expenses, or employees can upload receipts for reimbursement.
  • Accounts are governed by federal regulations that define eligible expenses, eligibility to participate and requirements for reimbursements (eligible expenses may change)
  • Plan the amount you wish to set aside carefully, as any unclaimed funds in your account at the end of the calendar year are forfeited.
    • (Changes to allocated amounts in your FSA can only be made within 31 days of a qualifying family status change (marriage, divorce, birth of child, etc.)
  • You MUST re-enroll each year during Open Enrollment to participate.

 

FSA Plan Resources:

TargetCW’s FSA plans are administered by Discovery Benefits. All materials are available in an electronic format available on Discovery's website such as an FSA Guide which includes lists of eligible items, a worksheet to help the you determine your medical and dependent care elections, information about how to contact Discovery, how to file a claim online or where to mail or fax a claim, etc.

Discover also offers a mobile app! Learn more at www.DiscoveryBenefits.com/mobile and download this free app on your Apple or Android devices.

For more plan information and details, click here

 

 

 

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