Flexible Spending Account
The Flexible Spending Account offered by DMBA is a way to set aside funds for health expenses and reduce your taxable income. It allows you to pay your out-of-pocket expenses with income that is deducted from your salary, tax free.
How It Works:
- During Open Enrollment (October through December) you decide how much you would like to set aside to the FSA account for the following calendar year.
- You use the money to pay for eligible medical/dental out-of-pocket costs. While the annual amount is deducted evenly from each paycheck throughout the year, the total amount is available immediately for use.
- The money deposited into your FSA account is deducted from your income before it is taxed, lowering your taxable income.
- Your FSA funds are use it or lose it, meaning that any unused money at the end of the year will not be returned.
- The annual maximum an employee can set aside for medical and dental expenses is $2,550. For dependent daycare expenses, the maximum amount is $5,000.
There are three ways to utilize the money set aside in your Flexible Spending account: the Benny Card, or a reimbursement processBenny Card:
- The Benny card is a prepaid benefits card that automatically deducts the medical or dental expenses that you want to pay for from your flexible spending account.
- You can also keep track of funds in your flexible spending account online at www.mybenny.com or with a phone call to Deseret Mutual.
- Simply present your card at participating locations wherever MasterCard debit cards are accepted like the pharmacy, doctor’s office, or most other locations where you’re incurring eligible expenses.
- Always save your itemized receipts from using your Benny card because you may be asked to provide receipts to verify that your expenses comply with IRS and Deseret Mutual Guidelines.
- A Flexible Spending Account Medical/Dental Form can be found in the forms library on DMBA’s website.
- Fill out the form, and submit to DMBA with billing receipts included.
- You can submit reimbursement claims any time during the contract year and before April 30th of the following year.
- Claims can be filed online through Deseret Mutual’s Website.
For more detailed information, please refer to the Health Benefits Forms page.Health Benefit Forms