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Health Care Flexible Spending Account
SMU’s Health Care Flexible Spending Account (FSA) is administered by Discovery Benefits. The Health Care FSA reduces your taxable income by allowing you to pay for out of pocket healthcare expenses with pre-tax deductions from your pay. Your FSA may be used to pay for expenses such as:
- Deductibles, co-insurance and co-pays.
- Retail and mail order prescription co-pays.
- Certain over-the counter medications with valid physician prescription
- Any IRS deductible expense not covered by a health plan.
Click the links below to see how the program works.
- Choose
- Enroll
- Contributions
- Reimbursement
Visit the Health Plans page in the Benefits U section of the HR website. You will find a link in Helpful Links.
How It Works
Choose
You must decide if, and how much, you want to contribute to your Health Care FSA. You will find a worksheet and a list of items that are eligible for reimbursement on the BenefitsU
website. You will also find a link in the Helpful Links section. If you participate in the $2,500 or $5,000 Deductible BCBSTX PPO with the HSA, you cannot participate in the Health Care FSA.
How It Works
Enroll
If you decide to enroll, choose the annual amount (up to $2,500) that you want to contribute. Your FSA election will remain in effect until December 31st of the current year. You cannot change or stop your deductions during the current plan year unless you have a Qualified Life Change Event.
How It Works
Contributions
Your contributions are taken from each paycheck throughout the year and deposited to your account. Since your contributions are deducted before you pay taxes, your taxable income is reduced. Contributions not offset by spending by December 31 each year fall under the "use it or lose it" rule.
How It Works
Reimbursement
You will receive a Debit
Card from Discovery Benefits to use for eligible expenses, or you may
pay out-of-pocket and file a claim for reimbursement or file a claim via the Discovery Benefits website.
You will find the reimbursement form on the HR Forms section of the
Benefits U website.
