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Credit Assessment
FLEXIBLE SPENDING 

What is an FSA?

An FSA is a tax-advantaged benefit plan whose funds are exempt from taxes. Your out-of-pocket health care expenses are eligible for reimbursement if the expenses are for medically necessary care or treatment incurred during the Plan Year. If you have dependents, your out-of-pocket expenses for their health care and treatments are eligible too!

What is Dependent Care Assistance?

A Dependent Care Assistance Plan (DCAP) is a tax-exempt benefit you can use to pay your out-of-pocket expenses for the custodial care of dependents claimed on your federal income tax return. Your account in the Plan is funded by tax-free dollars that you set aside from your paycheck in order to use as payment for eligible day care type services.

 

 

Plan Rules:

  • Eligibility: Employees as described in this guide, spouse and tax dependent children (up to age 26; Dependent Care children up to age 13 and adults for adult daycare)

  • Coverage through Consolidated Admin Services 

  • Plan year is January 1 - December 31 and employees must re-enroll 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 not allowed

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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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What is covered under Medical FSA Account?

  • Medical coinsurance and deductible

  • Doctor’s office visit co-pays

  • Emergency Room costs

  • Dental co-pays and out-of-pocket costs

  • Vision co-pays and out-of-pocket costs

  • Contacts and Glasses

  • Prescriptions

  • Please see the full eligibility list for other covered expenses

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 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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