Flexible Spending Account
Flexible Spending Account (FSA)
Each year the employees of the Marion County School Board have the opportunity to participate in a tax saving “Flexible Benefits” Program. This program provides a way to save hundreds of dollars on “pre-tax” deductions.
The flexible benefits program consists of a flexible spending account (FSA) which is a benefit to those employees that have child care costs or non–reimbursed medical expenses up to the I.R.S. allowed amount. The program also allows payroll deductions for certain insurance premiums to be tax exempt.
Employees who participate in the flexible spending account (FSA) plan must re-enroll every year prior to winter break.
The ‘Debit Card’ is currently offered to assist with paying out of pocket medical deductibles and co-pays in conjunction with the flexible spending plan is still available for all. There is a $12 annual fee. You DO NOT have to take the debit card to participate in a flexible spending account.
All insurance premium deductions (health, dental, vision, and cancer) except disability and optional life insurance are automatically deducted before taxes and are under the FSA plan. If you do NOT wish to have these deductions tax-free, you MUST complete a waiver form each year in the Risk Management Department.
At the time you sign up for a flexible spending account, or have enrolled in an insurance plan which has premiums deducted before taxes, you have committed yourself for that particular calendar year. You cannot withdraw from the program or quit insurance coverage before the end of that calendar year, unless you have certain changes in your family or job status. The IRS governs all rules for the FSA program and our third party administrator, Custom Benefits Services, must approve any mid-year changes.
For more information, Custom Benefits Services can be reached at 352-237-0425 or www.myflexonline.com. You may also call Risk Management at 671-6910.