Flexible Spending Account

Provided by mycafeteriaplan.com

This plan is the only way that you can pay for some of your expenses before federal income tax and Social Security are taken from your check.

What are the new expenses that I can pretax?
 
- Any portion of your group medical insurance that you might pay
 - Certain out-of-pocket medical expenses up to $2,500
 - Employment related dependent daycare expenses up to $5,000

Am I eligible to participate?
You will be eligible to join
the Cafeteria Plan once you have satisfied the conditions for coverage under the group medical plan.

What risk do I have?
Once you make your elections, you cannot change them unless you have a change in status recognized by the IRS. If you do not use all of the money that you have elected, YOU WILL LOSE IT. Remember that Section 125 Plans work on date of service and not date of payment. If you terminate, the the expense must be incurred while you are employed. You should be conservative in your elections, trying to maximize your tax benefits while trying to minimize your risk of forfeiting your money.

There is a 90 day grace period at the end of the plan year, or your termination date, whichever comes first. This gives you extra time to organize and submit your receipts. It does not give you extra time to incur expenses.

When do I submit my claims for reimbursement?
Plan year August 1, 2015 through July 31, 2016: you will receive the money shortly after the processing date.

See attached plan summary for detailed outline of reimbursement processing dates.


*Please refer to your Summary Plan Description (available from Human Resources) for a complete description of the FSA services and contract information.