Flexible Benefits Plan
The Flexible Benefits Plan allows participants to pay the employee share of their eligible health coverage and insurance premiums before taxes are calculated. The plan also allows employees to set aside pretax dollars for qualifying medical and/or dependent care expenses. Funds directed to either of the Flexible Spending Accounts are not subject to FICA, Medicare, state or federal income taxes. Participants have 45 days to incur eligible expenses to be reimbursed from unused amounts remaining at the end of the immediately preceding plan year. Eligible expenses must be received no later than 90 days after the end of the plan year in order to be paid. Money remaining in either account must be used prior to the end of the Plan Year or it will be forfeited. For this reason, accounts should be funded wisely.
- Premium Conversion
- General-Purpose Healthcare Flexible Spending Arrangement
- Dependent Care Reimbursement Flexible Spending Arrangement