Flexible Spending Account
A Flexible Spending Account Can Save You Money
A flexible spending account (FSA) is a type of savings account, which provides employees with specific tax advantages. The FSA account allows you to contribute a portion of your regular earnings to pay for qualified expenses related to medical, dental, and vision expenses each year. In a separate FSA, you may also set aside money for dependent-care expenses.
How Does It Work?
- Enroll and choose a dollar amount for the year (starting with your hire date).
- The amount is divided equally between your remaining paychecks for the calendar year and deposited into your Flexible Spending Account (FSA).
- Use the money in your FSA to pay for eligible expenses (copayments, coinsurance, prescriptions, glasses, contacts, dental expenses, etc.).
- Pay for eligible expenses with your healthcare FSA benefit card or pay for them out of pocket and be reimbursed after you submit a claim to DMBA – either online or by mail.
- Use all the money in your account(s) by December 31. For your dependent-care FSA, you will forfeit unused funds not claimed for eligible expenses incurred by December 31. For your healthcare FSA, up to $500 of unused money will automatically roll over to the next year for your use on eligible expenses. You will forfeit any unused balance over $500.
- File all your claims by March 15 of the following year.
How to File for Reimbursement?
- Claims can be filed online through Deseret Mutual's website or via a paper form in the mail.
- A paper FSA reimbursement form can be accessed online at www.dmba.com . There click on Resources, Forms, Library, and print out the Flexible Spending Account Medical/Dental Claim Form or the Flexible Spending Account Claim Form for Dependent Care.
- Include an Explanation of Benefits from the insurance company for medical/dental claims such as:
- Co-pays for doctor/dental visits
- Emergency room services
- Medical equipment
- Surgery or maternity or hospitalization
- Emotional illness services
- Radiology (X-Rays)
- Dental work
- Include receipts for prescriptions, glasses, contacts, contact lens solutions, hearing aids, etc.
- For dependent child care include a receipt from caregiver with a tax number of daycare provider