Flexible Spending Accounts
Many employees have out of pocket health care expenses such as those associated with deductibles, co-pays, coinsurance, and out-of-network claims. Employees may also have dependent care expenses for children under the age of 13 associated with working full-time or elderly relatives or a disabled adult child that qualify as IRC Section 152 tax dependents. Flexible spending accounts provide employees with the ability to pay for these health and dependent care expenses with tax-free money. Employees who work 1462 hours per year or more may establish a Flexible Spending Account for Health or Dependent care.
The following accounts are offered:
The flexible spending accounts are administered by ICUBA. Members receive a MasterCard to access funds or can submit a reimbursement request. DCSA members may be able to use the debit card or can submit a request to ICUBA through http://icubabenefits.org for reimbursement. The debit card allows for instant reimbursement at the point of sale without having to pay the expense up front. Even if the MasterCard is used to access funds, it is recommended that all receipts and documentation are kept, as substantiation may be required. If substantiation is required, ICUBA will contact the member by mail or email and the member will have to provide the Explanation of Benefits from the insurance carrier and any applicable receipts and documentation.
The updated eligible expense listing for flexible spending accounts (FSA) that went into effect on April 1, 2012 can be found here. This list follows the guidelines established by the IRS for eligible medical expenses . Please note that massage therapy is not covered unless you have a doctor’s note stating that it is for treatment of a specific medical condition.
For more information on this benefit, please login to your ICUBA Benefits site at http://icubabenefits.org and visit the Benefits Library or ICUBA News and Information section.