Credit Assessment
FLEXIBLE SPENDING ACCOUNTS

What is an FSA?

A Flexible Spending Account (FSA) is a pre-tax benefit account used to pay for out of-pocket healthcare costs such as deductibles, co-pays, prescribed medication, and other medical costs.

What is Dependent Care Assistance?

A Dependent Care Assistance Plan (DCAP) is a pre-tax benefit account used to pay for dependent care services such as preschool, summer day camp, before or after school programs, and child or elder.

 

 

Plan Rules:

  • Eligibility: All full-time employees working more than 20 hours/week, spouse & children up to age 26 for medical and up to age 13 for dependent care or qualifying adults for adult care

  • Coverage through Medcom

  • Plan year is from January 1 - December 31 and employees must re-elect the plan each year

  • Only family status changes will allow you to change your annual election. The altered election must be consistent with the status change.

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

  • Transfer of funds between the Dependent Care and Medical Care accounts are prohibited

  • $3.75 fee per participant per month

  • Please visit www.medcom.net for a complete listing of eligible expenses and qualifying dependent care services

 Contact Campus Benefits for assistance with claims.

 Email: mybenefits@campusbenefits.com

 Call 1-866-433-7661, option 5

 

 

medcom logo.png
Important Dependent Care 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.
  • All receipts should be kept to submit if verification is requested.
  • Any balance remaining at the end of the year will be forfeited.