Flexible Spending Accounts (FSAs) reduce your taxable income by allowing you to set aside pre-tax dollars to use toward eligible health care and dependent day care expenses throughout the year. This pre-tax deduction lowers your taxable income, reducing the amount of tax you owe on your bi-weekly paycheck. You do not have to be a member of the BJC medical, dental or vision plan to enroll in an FSA.
BJC offers you two types of flexible spending accounts, both administered by Discovery Benefits.
Health Care FSA
- Reimbursement of eligible health care expenses for you and your dependents.
- Set aside up to $2,700 for 2020.
- Qualified expenses include medical, dental, vision, hearing and other costs, such as copayments and deductibles; some over-the-counter drugs and supplies are eligible.
- Carry over $50 to $500 of unused funds to 2020 (funds available mid-April), if you enroll in a Health Care FSA for 2020.
Dependent Care FSA (day care)
- Reimbursement of eligible day care expenses for children under 13.
- Reimbursement for eligible elder care expenses.
- To be eligible for this account, you must be working. If you are married, your spouse must be working, looking for work, be a full-time student, or be incapable of self-care.
- Elect up to $5,000 each year (combined household limit).
- Qualified expenses include before-and-after school programs, nursery or preschool, summer day camp, and adult care.
- No carry over; "use it or lose it" rule applies.
Health Care and Dependent Care FSA
- Use the convenient Discovery FSA card, a debit-like card, to pay for eligible health care and dependent care expenses.
- In addition to the FSA card, you have the option to pay with personal funds and request reimbursement.
- The deadline to submit claims is March 31 of the following year.
- Claims submission via web, mobile app, fax or U.S. mail.
Manage your FSA on the Discovery website. There you can view a complete list of eligible expenses, check your balance, file claims, request direct deposit and more.
Discovery FSA Card
The Discovery FSA Card is similar to a debit card since it electronically accesses your Health Care and Dependent Day Care FSA account when used to pay for eligible expenses. It’s a convenient way to pay for health care and dependent day care purchases.
Have questions about FSAs or the Discovery FSA Card? Call toll-free 866.451.3399, 6 a.m.-9 p.m. (CST) Monday-Friday or email customer service.
This video walks you through the tax-saving benefits of Health Care and Dependent Day Care FSAs. Learn how to save approximately 20-30 percent in taxes by using pre-tax money you set aside to pay for eligible health care and dependent day care expenses.