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.
Guidelines
- 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.
Using FSA Funds
There are three ways to utilize the money set aside in your Flexible Spending Account: the Benny Card, a reimbursement process, or online.
WEX Health Card
- The WEX Health 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 my.wexhealthcard.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 WEX Health card because you may be asked to provide receipts to verify that your expenses comply with IRS and Deseret Mutual Guidelines.
Paper Form
- 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.
Online
Claims can be filed online through Deseret Mutual's website.