Flexible Spending Accounts

Learn more about the two types of flexible spending accounts: the health care spending account and dependent care spending account.

Overview

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. 

Eligibility

Regular full-time employees who are scheduled to work more than 1,462 hours per year.

Health Care Spending Accounts (HCSA)

Please Note

You have until 6/15 of the following plan year to spend the FSA accounts, and until 6/30 to submit any claims. Unused FSA amounts will be forfeited.

How It Works

The flexible spending accounts are administered by ICUBA. Members receive a MasterCard to access funds or can submit a reimbursement request. Members may be able to use the MasterCard or can submit a request to ICUBA through icubabenefits.org for reimbursement. The 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.

For more information on this benefit, and eligible expenses, please login to your ICUBA Benefits site at icubabenefits.org and visit the Reference Center, or click on the picture of your ICUBA MasterCard from the main ICUBA web page.

Dependent Care Spending Accounts (DCSA)

Please Note

You have until 6/15 of the following plan year to spend the FSA accounts, and until 6/30 to submit any claims. Unused FSA amounts will be forfeited.

How It Works

Employeees may be eligible to use the Dependent Care Spending Account for day care expenses for children under the age of 13, elderly relatives, or a disabled adult child (who qualify as IRC Section 152 tax dependents). The DCSA provides employees with the ability to pay for dependent care expenses with tax-free money. 

The DCSA is 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 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.

For more information on this benefit, and eligible expenses, please login to your ICUBA Benefits site at icubabenefits.org and visit the Reference Center, or click on the picture of your ICUBA MasterCard from the main ICUBA web page.