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FLEXIBLE SPENDING ACCOUNT

What are Flexible Spending & Dependent Care Accounts?

Flexible Spending Accounts are special accounts you put money into that you use to pay for certain out-of-pocket health care costs. You don’t pay taxes on this money. This means you’ll save an amount equal to the taxes you would have paid on the money you set aside.
Dependent Care Accounts are pre-tax benefit accounts used to pay for dependent care services, such as preschool, summer day camp, before or after school programs, and child or elder daycare.

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Plan Rules:

  • Eligibility: All permanent full-time or part-time employees working 20 or more hours per week, spouse and dependent children (up to age 26). Dependent Care for children ages 12 and under or adult day care for qualified eligible tax dependents

  • Coverage through MedCom

  • Plan year is from January 1, 2024 to December 31, 2024 Total medical contribution is available at the beginning of the plan year immediately after the first deduction is made

  • Participant must elect the FSA plan for the next year in order to access carryover funds

  • Any balance remaining in the Dependent Care Account at the end of the year will be forfeited

  • Transfer of funds between Dependent Care and un-reimbursed Medical are prohibited

  • Married and not filing jointly participants limited to $2,500 deferral for Dependent Care

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Contact Campus Benefits for help with filing a claim.

1 (866) 433-7661 option 5

Email: MyBenefits@campusbenefits.com

IMPORTANT NOTES:

  • Dependent Care FSA is for eligible expenses related to the care of your child, disabled spouse, elderly parent, or other dependent who is physically or mentally unable for self-care (i.e. day care, adult day care) or is disabled.

  • Medical expenses for your dependent are not eligible for reimbursement under the Dependent Care account.

What is covered under Medical FSA Account?

  • Medical coinsurance and deductible

  • Doctor’s office visit copays

  • Emergency Room costs

  • Dental copays and out-of-pocket costs

  • Vision copays and out-of-pocket costs

  • Contacts and Glasses

  • Prescriptions

  • Please see the full eligibility list for other covered expenses

Who is covered under a Dependent Care Account?

  • Children ages 12 and under (including stepchildren, grandchildren, adopted or foster children, and children related to you who are eligible for a tax exemption on your federal tax return).

  • Tax dependents residing with you and incapable of self-care (this could include your spouse, a child age 13 and over, and elderly parents).

The CARES Act permanently reinstates over-the counter products, and adds menstrual care products for the first time as eligible expenses for your FSA funds WITHOUT A PRESCRIPTION!

Eligible items for purchase without a prescription now include, but are not limited to:

  • Pain relief medications, e.g., acetaminophen, ibuprofen, naproxen sodium

  • Cold & flu medications

  • Allergy medications

  • Acne treatments

  • Eye drops

  • Stomach & digestive aids

  • Pads, Tampons and Menstrual sponges

  • Sleep aids

  • Children’s pain relievers, allergy medicines, and digestive aids

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