Flexible Spending Accounts
MCSD offers Flexible Spending Accounts (FSA) administered through Discovery Benefits. The FSA plan year is from July 1 through June 30.
If an employee or family member(s) has predictable health care or work-related day care expenses, then employee may benefit from participating in an FSA. An FSA allows employee to set aside money from their paycheck for reimbursement of health care and day care expenses that they regularly pay. The amount set aside is not taxed and is automatically deducted from the employee’s paycheck and deposited into the FSA. During the year, the employee has access to this account for reimbursement of some expenses that are not covered by insurance. Participation in an FSA allows for substantial tax savings and an increase in spending power. Participating employee must re-elect the dollar amount they wish to have deducted each plan year.
MCSD offers: Health Care FSA, Limited Purpose FSA, and Dependent Care FSA
- Health Care FSA: Available to eligible employee who is not enrolled in the HDHP with The Health Care FSA covers qualified medical, dental, and vision expenses that are not paid by insurance.
- Limited Purpose FSA: Available to eligible employee who is enrolled in the HDHP with HSA Plan. A Limited Purpose Health Care FSA may be used for qualified dental and vision expenses only.
- The Dependent Care FSA: Available to eligible employee for qualify dependent day care expenses necessary for employee and legal spouse, if married, to work.