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Frequently Asked FLEX Questions
- What is a Flexible Benefits Plan? A benefit provided by your employer that lets you set aside a certain amount of your paycheck into an account before paying income taxes. Then, during the year you can be directly reimbursed from your account for qualified health care and dependent care expenses.
- Why should I participate in the Health Care Reimbursement Account when I already have health insurance? This account is used to pay for expenses not covered by insurance. For example — annual physicals, co-payments, eye exams, eye surgery, glasses, orthodontics, prescription drugs, and hospital care to name a few. See attached listing of additional eligible health care expenses.
- If I set aside part of my pay, won't I make less money? No. Your net take-home pay will increase by the amount of taxes you did not pay.
- Can I change my contributions during the year? Only if you have a change in status such as: marriage, birth, adoption, or a change in your or your spouse's employment status.
- How do I get reimbursed for my expenses? Once you have completed the Enrollment Form, you will receive a Request for Reimbursement claim form and instructions on how to file your claim. Simply complete the form, attach a copy of the health care or dependent care bill, and mail or fax the form to FLEXWISE. Within a short time, you will receive your reimbursement.
- Do I have to wait for the money to be deposited in my account in order to make a claim for reimbursement? The annual amount you have allocated for the Health Care Reimbursement Account is available to you at any time throughout the plan year. The amount available to you from your Dependent Care Reimbursement Account is the amount you have contributed to date.
- How do I know how much is available in my accounts? Each time you are reimbursed you will receive balance information on your reimbursement check that shows the dollar amount you have set aside as well as the amount you have been paid to date.
- What happens to my accounts if I terminate my employment? You will be able to request reimbursement for health care and daycare expenses that you incurred prior to your termination. See your Master Plan Document for time deadlines after the plan year ends.
- What if I don't use all of the money I set aside in my account(s)? Carefully review your estimated expenses before making the decision to participate. Any contributions that are not used during the plan year may not be paid to you in cash.
- What if I am not covered under my company's health insurance plan? Good news! You and your family can still participate in the Health Care or Dependent Care Reimbursement Accounts.
- How do I benefit by participating? Your biggest advantage is the tax savings. Every dollar you set aside in your account reduces your income taxes, and you can be reimbursed for qualified expenses that you are already paying.
- Are there any negatives that I should know about? Yes, because you are not paying any Social Security tax on that portion of your income that has been redirected, your Social Security benefits may be slightly reduced.
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