Flexible Spending Accounts (FSA)

FSAs allow you to pay for eligible medical and dependent care expenses using pretax dollars you contribute on an annual basis. Benefits are provided through Discovery Benefits

Find An FSA That Works For You!

You may participate in this FSA benefit even if you are not enrolled in an MIHS medical plan. There are two types of Flexible Spending Accounts – the Medical FSA and the Dependent Care FSA.

Medical FSA

Used to pay for services not covered by your medical, dental or vision plan such as copays, coinsurance, deductibles, prescription expenses, lab exams and tests, contact lenses and eyeglasses. Eligible expenses are based on IRS guidelines. 

Dependent Care FSA

Used to pay for day care expenses associated with caring for elder or child dependents (up to age 13) that are necessary for you or your spouse to work or attend school full-time. You cannot use your Health Care FSA to pay for Dependent Care expenses.

Medical FSA

Used to pay for services not covered by your medical, dental or vision plan such as copays, coinsurance, deductibles, prescription expenses, lab exams and tests, contact lenses and eyeglasses. Eligible expenses are based on IRS guidelines.

Dependent Care FSA

Used to pay for day care expenses associated with caring for elder or child dependents (up to age 13) that are necessary for you or your spouse to work or attend school full-time. You cannot use your Health Care FSA to pay for Dependent Care expenses.

Comparing The Two FSA Plans

It’s Easy To Use Your Account!

Step One

First, you contribute to the account(s) with pretax dollars deducted from your paycheck. That means no taxes (federal, state or Social Security) will be withheld from any of those dollars.

Step Two

Then, you pay for certain eligible expenses out of your pocket as usual. You may use your debit card or submit a claim (along with the appropriate documentation) to be reimbursed for those expenses from the dollars in your account.

Step Three

There is a “use it or lose it” rule imposed by the IRS. In other words, if you do not spend all the money in your FSA by the deadline, any unused dollars in your account(s) after the deadline will be forfeited.

Calculate Your FSA Expenses Online!

Save On Your Taxes With FSAs!

Are You Eligible?

If you are enrolled in the High Deductible Health Plan (HDHP) with Health Savings Account (HSA), you are not eligible to participate in the Medical FSA reimbursement account.