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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: Eligible full-time employees working more than 20 hours/week, spouse & taxable dependent children up to age 26 for medical and ages 12 and under for dependent care or qualifying adults for adult care

  • Coverage through Medcom

  • Plan year is from July 1st - June 30th 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

  • NOTE: Enrollment for FSA occur in the Spring

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 Contact Campus Benefits for assistance with claims.

 Email: mybenefits@campusbenefits.com

 Call 1-866-433-7661, option 5

 

 

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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.

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).

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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