Changes to flex spending accounts
The Coronavirus pandemic has changed almost every part of our lives. That upheaval may include the amount you choose to invest in your flex spending (FSA) accounts.
During open enrollment, you may want to consider increasing or decreasing the amount that you set aside in your healthcare and dependent care flex spending account funds.
Here’s what you need to know:
Dependent Care Accounts
If you have a dependent care flexible spending account that you set up to pay for
day care or after school care for your child under the age of 13, and that care is
no longer available, you might be able to make changes to your deduction. The loss
of a child care provider because of closure, staffing or other issues is a qualifying
event allowing you to make changes, or stop completely, your dependent care flexible
spending account.
Just complete the life event form on the Life Event web page, and submit with documentation from your day care or after school care provider
that they’re closed or not accepting your child any longer. Changing your dependent
care FSA is the only change allowed for this reason.
Health Care Accounts
The CARES Act reinstated coverage of over-the-counter drugs and medicines without a prescription. Additionally, menstrual care products are now qualified expenses. Expenses for these items incurred on or after January 1, 2020 are eligible for reimbursement. You can find more information here.
Thousands of products are now eligible without a prescription. Some of them include
allergy medicines, antacids, cold, cough and flu medicine, pain and fever relievers,
sleep aids, stomach and digestive aids, etc.
Other products remain eligible as in the past such as contact lens solutions, birth
control items, blood pressure monitors, diabetic supplies, first aid kits, sunscreen,
thermometers, vaporizers, walking aids, etc.
Paying for eligible expenses is simple
- Use your healthcare payment card like you would a debit card to pay for qualified
out-of-pocket medical costs.
- Or pay with your own credit card, cash, or check. Then sign in at http://asiflex.com/ and file the claim for reimbursement by check or direct deposit.
The University's flex spending accounts are managed by ASIFlex.com. Visit their website to access resources and videos, as well as useful links to IRS-related publications and account details. Participants interested in the ASIFlex Debit Card can access the debit card application through their Online Account.
Watch this video for all of the features!