Health Savings Account (HSA)
An HSA is a way for you to set aside money, pre-tax, for future healthcare needs. The money you contribute is yours immediately upon deposit. Unlike a Flexible Spending Account (see below), the money you contribute to the account will never expire.
This benefit is only available to those who enroll in the Value High Deductible Health Plan (HDHP). Please take time to review the design of the Value HDHP when electing benefits as this medical plan does require participants to manage their spending more than the traditional medical plans previously offered.
Healthcare FSA is a benefit that can help you pay for medical, dental, and vision bills. If elected, the benefit provides you with a pre-paid debit card for you to use to pay your healthcare provider or pharmacy.
Out of each paycheck you will pay into the account using pre-tax money. The money you put into the account is your money to use, but can ONLY be used for qualified healthcare expenses.
Dependent DAY Care FSA
Dependent DAY Care FSA allows you to save taxes on the money you pay for daycare services for your family. If you are enrolled in the benefit, you will pay into the account each paycheck using money that is tax-free. To use the money, first you must pay your daycare provider out of pocket and then submit a reimbursement request to Discovery Benefits who will reimburse you using money from the FSA benefit.
Please note that you can only use the money after you have contributed into the account. You cannot use money that has not yet been collected from your paycheck.