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| Cafeteria Plan |
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| Salary Conversion |
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Section 125 of the Internal Revenue Code allows employee contributions for medical, dental and life insurance plans to be paid before income taxes (federal and state) and Social Security (FICA) taxes are deducted. This plan allows full-time employees to increase their take-home pay by reducing their taxes.
Once any employee decides to enter the Cafeteria Plan, they become locked-in to their Benefit package and unable to change plans except during Open Enrollment. Open Enrollment is from October through December of every year. |
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| Flexible Spending Accounts |
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Health Care Flexible Spending Account
The Health Care Flexible Spending Account allows participants to set aside pretax dollars for qualifying medical and/or dependent care expenses. Some of the eligible expenses for which you and your dependents can use this account are:
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Deductibles and co-payments for hospital, physician, prescription drug, dental and vision care
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Uncovered health services such as hearing aids, vision care, routine physicals and well baby care, counseling therapy and long term rehabilitation services.
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Fees in excess of plan limits including those for orthodontia and psychiatric services.
Claims for reimbursement must be submitted no later than 90 days following the end of the Plan Year (January 1 – December 31 annually). Money remaining in either account must be used prior to the end of the Plan Year or it will be forfeited.
Dependent Care Account
The Dependent Care Account allows you to pay for your dependent daycare expenses, like babysitting and daycare fees, with before-tax dollars. It can be used to pay for eligible dependent day care expenses if:
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You are a single working parent
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Both you and your spouse work outside the home
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Your spouse is a full-time student
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Your spouse is physically or mentally unable to care for himself or herself
Eligible dependent daycare expenses include child care services in your home or someone else’s home, licensed day care center costs and housekeeping services in your home which include daycare for
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Dependent children age 12 or younger who live with you
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Any other individuals who live in your house and who rely on you for at least half of their support or are physically or mentally unable to care for themselves.
You may not, however, claim payments made to a dependent or your children age 18 or younger who babysit their siblings. |
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Qualified Event List
- Spouse’s Annual Enrollment
- Marriage
- Divorce/Legal Separation
- Death of Spouse or Dependent
- Change in Eligibility of Dependent
- Birth of a Child
- Legal Custody of a Child
- Acknowledgment, Judgment, Decree or Court Order
- Begin or End of Spouse/Dependent Employment
- Full-time to Part-time or Vice Versa
- Military Leave
- Medicare/Medicaid
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