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Flexible Spending Accounts

COVID Related Relief and Your Spending Accounts

Under the Consolidated Appropriations Act (CAA), the IRS is allowing plans to adopt temporary changes to health and dependent care FSA’s due to the pandemic. For details about how CBU will be modifying our plan, read this announcement.

CBU offers Flexible Spending Accounts through Igoe Administrative Services that allows you to pay for eligible expenses on a pre-tax basis. Read about the two types of FSAs below.

Healthcare FSA

Enrolling in a Healthcare FSA allows you to set aside up to $2,850 per year (per participant) tax-free, to help pay for the cost of non-reimbursable medical, dental, vision and other health-related expenses.

  • Medical and dental copays and deductibles
  • Prescription drugs
  • Vision exams, lenses, frames, laser eye surgery
  • Effective for expenses incurred on or after January 1, 2020, the following new expenses are now eligible from a Healthcare FSA without requiring an Rx: Over-the-counter medicine, telemedicine expenses, menstrual products. Learn more.

Dependent Care FSA

Enrolling in a Dependent Care FSA allows you to set aside up to $5,000 per year (per household) tax-free, to help pay for the cost of qualified child and dependent care expenses.

  • Daycare and nursery schools
  • Before and after school care
  • Pre-school programs
  • Day-time summer camp
  • Elder care

FSA Webinar

For more information about the Flexible Spending Accounts, watch the below webinar.

Watch FSA Webinar »

What's covered under your Healthcare FSA

Learn what's covered and not covered under your Healthcare FSA.

Health Care Expenses Table »