Flexible Spending Accounts
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FSAs provide participants with an important tax advantage that can help pay health care and dependent care expenses on a pre-tax basis. If participants do not use the money contributed by the end of the plan year, you will have a grace period of 75 additional days to incur expenses and an additional 15 days to file claims based upon that year’s contributions.
Who is Eligible and When
Active associates working a minimum of 30 hours per week are all eligible for coverage. Qualified Associates have up to 30 days to enroll in the plan after they become benefit eligible. Most benefit changes require a “qualifying life event” and must be identified within 30 days. Failure to do so will disqualify you from changing coverage until the next open enrollment.
The coverage is effective the first of the month following date of hire. Company owners may not be eligible to enroll in the Flexible Spending plan. For eligibility rules, please see Human Resources.
Medical Reimbursement FSA (“Unlimited”)
This program allows associates to pay for certain IRS-approved medical care expenses with pre-tax dollars. The Medical Reimbursement FSA account is not available to participants of an HSA. The annual maximum participants can contribute is $3,050 for 2023 and $3,200 for 2024 funds are available Day 1. Some examples of qualified expenses include:
- Office visit copays, deductible and co-insurance
- Vision and dental services
- Prescription drugs and medical supplies
“Limited Purpose” FSA (Dental and Vision Only)
A limited purpose FSA is available to those individuals contributing to a medical HSA. This account provides associates the opportunity to pay for certain IRS-approved dental and vision expenses with pre-tax dollars. The annual maximum participants can contribute is $3,050 for 2023 and $3,200 and funds are available Day 1. Some examples of qualified expenses include:
- Dental and vision office visit copays, deductibles and co-insurance
- Laser vision correction
- Orthodontia services
15ependent Care FSA
The Dependent Care FSA allows associates to use pre-tax dollars towards qualified dependent care expenses such as care for children under the age 13 or care for elders. The annual maximum amount you may contribute to the Dependent Care FSA is $5,000 (or $2,500 if married and filing separately) per calendar year and funds are only available once deposited. Some examples of qualified expenses include:
- The cost of child care (under age of 13) or adult dependent care
- The cost for an individual to provide care either in or out of your house
- Nursery schools and preschools (excluding kindergarten)
Adoption FSA
The adoption FSA allows you to set aside up to $16,810 pretax dollars to pay for qualifying adoption expenses. This includes reasonable and necessary adoption fees, court costs, attorney fees, traveling expenses (including amounts spent for meals and lodging) while away from home, and other expenses directly related to, and whose principal purpose is for, the legal adoption of an eligible child. Unlike other FSA benefits, the FSA election is subject to FICA wages.
Mass Transit/Parking FSA
The Mass Transit/Parking FSA allows associate to use pre-tax dollars towards qualified expenses relating to parking and commuting via mass transit. Associates can contribute up to $315 monthly for Parking and $315 monthly for Mass Transit and may not receive reimbursement of more than the monthly maximum in a given month. Associates must submit their claims within six (6) months of when the expense is incurred. Any unused funds in the associate’s Mass Transit/Parking account can be rolled over into the next year but continue to be subject to monthly limitations. The amounts above are subject to change.
Complete information on FSA benefits can be found in the Mariner Wealth Advisors, LLC Health Care Plan Summary Plan Description and SPD Supplement on the Annual Notices Page.
Forms
Frequently Asked Questions
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New Medical cards can be ordered through your online portal at www.mycigna.com. You also have access to a mobile ID card through the MyCigna Smartphone App.
I have misplaced my FSA Card, how can I order a new one?
New cards can be ordered through the online portal at www.discoverybenefits.com. After logging in, you will go to “Accounts” -> “Banking/Cards”. This will allow you to report a card lost or stolen or order a replacement card.
I recently moved, how can I update my address with Wex?
Your address can be updated directly through ADP (www.workforcenow.adp.com). After logging in you will go to “Myself” –> “My Information” -> “Profile”. From there you can update all personal information, including your address by clicking on the “View More” icon in the Personal information Section.
After you update your address in ADP, it will update with all benefit providers.
My Spouse or Child is not covered by Mariner's Medical Insurance, can I still use FSA funds on them?
Can I change my annual election amount?
You can only change your election amount if you experience a Qualifying Life Event. Life Events include:
- Employment
- Marriage
- Divorce
- Birth
What happens if I have money left over at the end of the year?
The IRS has a use-it-or-lose-it rule for FSAs, which means funds must be spent by the end of the plan year. Mariner’s FSA plans allow for a grace period at the end of the plan year.
An FSA grace period allows participants the ability to incur services for up to an additional 75 days past the plan end date.
Any funds remaining in the account after the Grace period expires are subject to forfeiture.
What is considered a qualified receipt?
The IRS requires that documentation include:
- Amount of expense
- Date of purchase/service
- Description of service or item purchased
- Provider or merchant name (tax ID required for Dependent Care)
An Explanation of Benefits (EOB) typically contains the information the IRS requires. If an EOB isn’t available, you can also submit an itemized receipt as long as it has the necessary information.
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Do I need to designate a beneficiary?
Beneficiaries do not need to be updated for FSA plans. However an Authorized Representative can be added directly through the Discovery Benefits website.
When and why do I need to substantiate benefits debit card transactions?
Due to IRS regulations, certain benefits debit card transactions need to be substantiated. Substantiating means validating the transaction to ensure the card was used for IRS-approved items/services within the allowed timeframe.
Substantiation is generally not needed when the transaction is one of the following:
• A co-payment tied to your health plan.
• Made at a merchant that utilizes the Inventory Information Approval System (IIAS). (A list of IIAS merchants can be found at www.discoverybenefits.com/IIAS.)
• A recurring expense that matches the provider and dollar amount for a previously substantiated claim.
You will be notified in writing if substantiation is required.
I made previous contributions to a former employer's FSA plan, am I still subject to the Annual Limit?
The annual limits are IRS regulated, not Mariner specific. Therefore any previous contribution that was made Year to Date, should be taken into account when determining your contribution rate.
Is there a deadline for contributions made to an FSA?
Yes, contributions must be made by the end of the plan year.
What if my FSA expense is denied?
Participants will receive a notification if a claim is denied. You may also view your account online at www.discoverybenefits.com or call Participant Services to determine if you need to substantiate a claim and provide additional details. For an expense to be approved, the following information will need to be provided with documentation.
• Date service was received or purchase was made
• Description of service or item purchased
• Dollar amount
• Provider or store name
• In some cases, a Medical Necessity Form or physician letter may be required
Examples of expenses that may require these steps include health club membership dues, massage therapy and weight loss program dues. Expenses deemed medically necessary by the IRS are allowable; however, expenses for general health — even if doctor-prescribed — are not considered medically necessary by the IRS. For example, if you suffer back pain and your doctor confirms massage therapy is medically necessary to treat the back pain, the medical expense will be allowed, but massages for general wellness will not be allowed. Ultimately, it is the responsibility of the participant to submit claims for allowable expenses that are deemed medically necessary by the IRS.
What happens to my FSA if I leave the plan?
Your participation will cease as of your last day on the plan. A final contribution will be made on your behalf only if you were participating on the last day of the pay period. You have 60 days from the last day on the plan to submit claims for healthcare, dependent care or transit/parking expenses incurred prior to your last date on the plan. Any funds left in the plan will be forfeited.