Healthcare Flexible Spending Account

The Healthcare Flexible Spending Account (FSA) is a great way to save on out-of-pocket medical, dental and vision expenses. You are able to elect the FSA plan if you are enrolled in either the Premier PPO or Elite EPO plans. 


Any funds not used by the end of the plan year grace period will be forfeited in accordance with IRS regulations, and elections cannot be changed after the enrollment closes – so you’ll want to plan wisely. Not sure how much to set aside? Check out this handy FSA Calculator to help estimate expenses. 


The Healthcare FSA is pre-funded, which means that the amount elected for the year is available for use as of January 1. You will receive a debit card from Discovery Benefits to use to pay expenses directly, or pay out of pocket and request reimbursement later. Think of it as a loan that you pay into with your payroll contributions throughout the year. 

Important Plan Rules


  • The only time outside of your new hire or open enrollment windows that you can make changes to FSA elections is when you experience a qualifying life event
  • If you elect FSA in one plan year, and wish to elect for the following plan year, that election must be made during Open Enrollment. There is no roll-over with FSAs
  • If your employment with loanDepot ends, your FSA eligibility will end on your last date of employment
  • If you have any claims at the time of your termination that you have not been reimbursed for, you will have 90 days to submit for reimbursement with Discovery Benefits. Unused funds will be forfeited
  • Most claims will require you to submit documentation to verify that the expense is FSA-eligible. If you do not submit the requested documentation, your access to FSA funds may be restricted until you do.