Monmouth University offers eligible full-time employees participation in the Flexible Spending Program to help you lower your health and/or dependent care expenses by paying with tax-free money. You can save up to 25% on the money you spend on eligible expenses by contributing to the flexible spending accounts on a pre tax bases. Please visit the plan pages to learn more about each plan, including tax implications of participating.
Additionally, there is an option to contribute pre-tax dollars toward commuter expenses for travel to and from work as well as parking in association with that commute.
All types of spending accounts are governed by IRS regulations.
Administration of the flexible spending account is monitored by WEX Health Inc. New enrollees will receive a new debit card which can be used for dependent care expenses as well as eligible medical, dental, vision and prescription expenses. The debit card can be used as a credit card where Visa credit cards are an accepted form of payment. On the WEX Benefits website you can access information about your account as well as check eligible expenses allowed under the Flexible Spending plan.
Important Information Regarding Over-the-Counter (OTC) Reimbursements
Over-the-counter medication and/or health related purchases are only reimbursable in specific instances. It is important to refer to the Summary Plan Document to find out which expenses might be eligible. You can also view a list of eligible expenses at FSA Eligible Expenses.
IRS guidance related to this new provision indicates that a distribution from a Healthcare FSA for a medicine or drug is a tax-free qualified medical expense only if (1) the medicine or drug requires a prescription, (2) is an over-the-counter medicine or drug and the individual obtains a prescription, or (3) is insulin. These rules do not apply to OTC items that are not medicines or drugs including but not limited to equipment (such as crutches), supplies (such as bandages) and diagnostic devices (such as blood sugar test kits).
You can review the Notice of Privacy Practices by clicking HIPAA Notice of Privacy Practices.
Please review the Summary Plan Document for full details regarding plan benefits.