Flexible Spending Account (FSA)


The Flexible Spending Account (FSA) allows you to make pre-tax deductions from payroll and then use those pre-tax funds to pay for eligible expenses.

There are three different plans: 

  • The Health Care FSA Plan is used for eligible out-of-pocket healthcare costs.
  • The Dependent Day Care FSA Plan is used for eligible dependent care expenses for children under the age of 13 or dependent adults.  You and your spouse must both work or be a full-time student in order to participate.
Video: How Does an FSA Work?

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New guidance from the IRS was made available on May 12, 2020.  This guidance gave employers the opportunity to temporarily allow mid-year election changes without requiring a qualifying event.  This original provision has been added to CEI’s plan effective 5/27/2020.  As a result, you may now make prospective changes for each of the benefits offerings listed below.  For Health Care Flexible Spending Accounts, the ability to make changes without a qualifying life event are only allowable if made within the 2020 calendar year.

NEW! Health FSAs

You may now do one of the following:

  • Join the plan if you initially waived
  • Revoke an existing election (NOTE: you may not revoke your election if your account is overspent).
  • You may revoke your existing election for future payroll deductions only. E.g. revocation requested on 6/10, will be effective 7/1/20.  Payroll deductions will cease as of 7/1. 
  • Increase or decrease an existing election (NOTE: you may not decrease your election to an amount that is lower than what you have already spent)
 
What does this mean for you?

If you stop /revoke your Health Care FSA plan, you have 60 days from the date of benefit termination to submit reimbursements for any eligible expenses.  

Example:  If you revoke on June 30, you have 60 days after June 30 to submit reimbursements for expenses incurred up to this date.  

What if I need more time to submit my reimbursements?
You can reduce your election to a lower amount.  If you continue to contribute any dollar amount through the end of 2020, you will have until March 15, 2021 to incur expenses, and the deadline to submit reimbursements is March 31, 2021.

*Dependent Care FSA  - employees will have until March 31st 2021 to submit reimbursements for expenses incurred through benefit term date.  (e.g. if you revoke on June 30th, you have until March 31, 2021 to submit reimbursements for expenses incurred through June 30, 2020.)

Please refer to the FSA Highlights  for claims submittal deadlines.

Dependent Care Assistance Plans

CEI is allowing you to make changes to your Dependent Care election if you have experienced a change in day care costs or availability.  As a reminder, funds in your Dependent Care Account remain available to claim through the end of the run-out period of the plan year. 

If you would like to make a change to your Health Care or Dependent Care FSA, please submit your request to: benefits@cei.com 

Please note: Changes will be effective on the first of month following your request date and cannot be made retroactively.

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OTC Drugs are Now Eligible
Plus Some Other Exciting Updates

OTC and Menstrual Products: That's right, you heard us correctly. OTC and menstrual products are now eligible expenses without the need of an Rx! This change is retroactive to cover any expense incurred on or after 1/1/2020.

If you have attempted to send in a claim for any of these products in the past, now is the time to resubmit them so that you can get reimbursed.

It will take retailers some time to re-code these items, so please be prepared to pay out of pocket if you receive a transaction denial.  Online and mobile claim submission is available to support these out of pocket payments.

Telehealth:  Telehealth expenses are now eligible expenses under a Health FSA.

Covid - 19 Spending Account Guide
Covid-19 Updates

IGOE