Health Savings Accounts
Your benefits come with opportunities to save money tax-free to help cover health care or dependent care expenses.
An HSA is a savings account that you can use to pay out-of-pocket health care expenses with pre-tax dollars. If you enroll in the HDHP, you’ll automatically be enrolled in an HSA, administered by Discovery Benefits®, for the minimum contribution amount of $100. You can elect to contribute to your HSA during enrollment. All money in your HSA carries over from year to year, and the money is yours to keep.
DriveTime will make a $100 initial deposit into your account and will match your contributions dollar-for-dollar up to the following amounts:
- Employee-only: $150
- All other levels: $400
Note: You must re-elect your HSA contribution during open enrollment each year.
To learn more about all the advantages of an HSA, view or download the Benefits Owner’s Manual [PDF] .
For information on HSA eligibility and IRS contribution limits, visit Discovery Benefits website.
To help you save money for eligible health and dependent care expenses tax-free, we offer two types of FSAs, administered by Discovery Benefits.
Unlike an HSA, any money left in your FSA at the end of the year will not carry over to the next year.
Health Care FSA (eligible through the PPO plan)
Save pre-tax through payroll deductions to help cover medical, dental, and vision expenses not covered by your health plan. Over-the-counter (OTC) medications are not eligible without a prescription. For a list of eligible expenses, visit the IRS website and look for Publication 502.
Dependent Care FSA
Save money tax-free to help pay for dependent care expenses that enable you to work and/or attend school full-time. Eligible dependents are children under 13 years of age, or a child over 13, spouse, or elderly parent residing in your house who is physically or mentally unable to care for themselves.
Log in to your account on the Discovery Benefits website to:
- View your account balance(s)
- Calculate tax savings
- View eligible expenses
- Download forms
- View transaction history
- And more
For information on FSA eligibility and IRS contribution limits, visit the Discovery Benefits website.
Note: You must re-elect your FSA contribution during open enrollment each year.