Flexible Benefits Program
- Premium Conversion (Pre-Tax Premiums) lowers your taxable
income because health insurance premiums are deducted from
your paycheck before taxes are calculated. ($3.67 charge per
pay)
- Flexible Reimbursement Accounts
(Flexible Spending Accounts) allow you to set aside part
of your pay each pay period on a pre-tax basis for one, or
both, of these accounts:
- Medical Reimbursement Account to pay for
the out-of-pocket medical, dental, and vision care
expenses not covered by your health benefits plan.
- Dependent Care Reimbursement Account to pay
expenses for the care of your child, disabled
spouse, elderly parent, or other dependents who
are physically and mentally incapable of self-care
so that you (and your spouse) can work or actively
seek work.
Since the Flexible Benefits Program has tax advantages, there are tax laws
and Internal Revenue Service regulations governing how the program operates.
For more detailed information or clarification, see your Human Resource
Office.
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