An account that allows you to save money to use for certain health care and dependent care costs.
You can enroll in the health care account (limited purpose health care account for those with an HSA), the dependent care account, or both.
The money in the account is available July 1, 2019 through June 30, 2020.
How does an FSA work?
You put money into the account through your paycheck, before any Federal, State, and Social Security taxes are taken out.
These deductions are taken throughout the year in equal amounts.
For example, if you decide to put $500 into an FSA, you’ll have $19.23 taken out of 26 paychecks and put into your account.
You must use all of the money you put in the account during the year – the money does not roll over to the next year.
You can submit claims for reimbursement through August 31, 2020.
Save with an FSA
Whether you are single, a working couple or have a family of four, an FSA provides more take-home pay and reduces your taxable income. The scenarios below highlight potential tax savings available through an FSA.
Health Care FSA
How much can I contribute?
You can contribute $100 – $2,700 per year into the Health Care FSA.
Who can I use the money for?
You, your legal spouse and/or your dependent children.
What can I use the money for?
Deductibles and coinsurance
Medically necessary maintenance and support devices
Treatment of alcoholism or drug dependency
Dental, vision and hearing: dental checkups, orthodontics, glasses, LASIK and hearing aids (including batteries)
Limited Purpose Health Care Account What’s the difference?
For those who have selected the Cigna 2000 Choice Fund with HSA medical plan option. You may contribute $100 – $2,700 per year to pay for eligible dental and vision related expenses only.
Dependent Care FSA How much can I contribute?
You can put up to $5,000 per year into the Dependent Care FSA.
If you are married and filing your tax return separately, you can put up to $2,500 per year into the Dependent Care FSA.
Who can I use the money for?
Children under the age of 13 who are listed as dependents on your income tax return.
Dependents of any age who are incapable of caring for themselves and who regularly spend at least 8 hours a day in your home.
Daycare expenses are defined as those that are necessary in order for you (and your spouse, if you’re married) to continue working.
What can I use the money for?
Eligible Dependent Care expenses, covered while you are at work, include:
Receive account alerts, including card transaction verification requests
View important dates
Account Details How do I use the money?
When you have an eligible expense, you can:
Submit a claim for reimbursement and;
choose to receive a check by mail or,
have a direct deposit to your checking or savings account.
Have funds automatically deducted from your account by using your Discovery FSA debit card.
The debit card can be used with your Health Care FSA and Dependent Care FSA dollars (if provider accepts it).
You can submit receipts for reimbursement for your Dependent Care expenses if your provider does not accept a debit card.
You can submit a manual reimbursement request via:
Claim submission and receipt upload at: www.discoverybenefits.com
or the Discovery Benefits mobile app
The FSA debit card deducts each payment directly from your FSA account.
Your Health Care and Dependent Care accounts function separately. You cannot use funds from one account to pay for eligible expenses from the other account (for example, using dependent care account funds for health care expenses).
Should I keep my receipts?
Yes. You may be occasionally asked to submit your receipt as proof of an eligible expense. Remember to keep original receipts for your records as you may be required to provide documentation directly to the IRS in the event of a personal tax audit.
How long can I access the money in the accounts?
You can submit claims for reimbursement through August 31, 2020. Any money that you set aside for your Health Care or Dependent Care accounts that is not used for claims incurred through June 30, 2020 will be lost. Do not contribute more than the amount you are sure you will use during the plan year for eligible expenses.
The 401(k) plan gives you the opportunity to save money for your retirement. Eligible employees over age 21 may begin making contributions on their date of hire.
How much can I save?
You can save from 1% to 92% of your total pay up to the 2019 IRS maximum of $19,000.
If you are 50 years or older you may contribute an additional $6,000 IRS catch-up contribution.
The money you contribute is always 100% vested.
What are my account options?
Traditional 401(k) plan – your contributions are made before taxes are taken out.
Roth 401(k) – your contributions are made after taxes are taken out.
Is there a match?
Zovio will match 50% of the first 6% of each paycheck contribution and you will be vested as outlined in the table below.
Employer Contributions are subject to a vesting schedule:
Years of Service
Less than 1 year
How is my money invested?
You have a list of funds to choose from if you wish to direct your investments.
If you do not choose your investment option(s), contributions will be automatically deposited in the plan’s investment default.
For detailed information about your investment options, please contact Empower at empowermyretirement.com or call by phone at 866.467.7756 | 800.345.1833 (TTY).
Loans & Hardship Withdrawals
Loans and Hardship withdrawals may be taken from your account while still employed with the company.
Contact Empower for information and requirements for either option.
If you have an outside qualified retirement plan or account (401(k), 403(b), 457(b) or IRA), you may be able to transfer your balance into the Zovio plan.