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| Flexible
Employment Benefits Plan |
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Here are the most commonly asked questions regarding the
Flexible Employment Benefits Plan: |
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What
is a
Flexible Employee Benefits Plan?
A Flexible Employee Benefits Plan is a voluntary plan
which allows you to pay for certain expenses before taxes,
such as:
»
employer-sponsored medical insurance premiums
» employer-sponsored dental insurance premiums
» employer-sponsored vision insurance premiums
» employer-sponsored cancer care premiums
» employer-sponsored group term life insurance
premiums
» employer-sponsored long term disability premiums
» employer-sponsored short term disability premiums
» out-of-pocket medical, dental and vision care
costs (not covered by insurance)
» dependent care expenses
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How does this
plan work?
The plan allows you to reduce your taxable income by the cost
of your benefits. This results in both social security and
federal withholding, and, in some cases, state income taxes
being reduced producing a net increase in your take home pay.
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When
can I sign up?
All elections must be made before the
first day of the Plan Year to be eligible for the plan
savings. Normally, these elections will remain unchanged
during the Plan Year.
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When can I
change my elections?
You may change your election for any new plan year prior to
the beginning of the year.
An
election, once made, cannot be changed during the year
unless there has been a qualified change in
status.
Qualified changes in status are:
»
marriage
» divorce
» birth or adoption of a child
» death of a spouse or child
» beginning or end of spouse's employment
» reduction in hours worked
and must
affect the eligibility for coverage of the employee, spouse,
or dependent.
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