FLEXIBLE SPENDING ACCOUNT
Employees working twenty-four or more hours a week are eligible to contribute pre-tax salary contributions to flexible spending accounts (FSA’s) the first of the month after thirty days of employment.
How Flex Plan works
The money you choose to contribute to this account may be used to pay eligible out-of-pocket medical, dental, and vision care expenses for you and your dependents as well as work-related child care for dependents 13 years old or younger.
Flexible spending accounts enable employees to set aside dollars on a pre-tax basis to reimburse themselves for out-of-pocket expenses associated with health/medical care or dependent care. Piedmont Health Services offers two Flexible Spending Accounts (FSA):
- Health Care Flexible Spending Account: Employees may have a maximum of $2,750 per calendar year deducted from their earnings on a pre-tax basis to pay for out-of-pocket costs of healthcare, including copayments, deductibles and certain over-the-counter medications and health supplies.
- Dependent Care Flexible Spending Account:: Employees may have up to $5,000 annually ($2,500 if married and filing separate returns) deducted on a pre-tax basis to pay for dependent care.
- Limited Flexible Spending Account: Employees may have a maximum of $2,750 per calendar year deducted from their earnings on a pre-tax basis to pay for out-of-pocket costs for dental and vision expenses. You can elect this plan only if you are enrolled into a Health Savings Account (HSA).
To see a list of eligible health care expenses, visit the following link:
Cost of Benefit
Piedmont Health Services, Inc. pays the administration fees for employees for this benefit. The only cost is the amount of money you elect to contribute to the plan.
Advantages of a Flex Plan
- Tax Savings
You pay no Social Security (FICA), and no federal or state income tax on dollars routed through the plan.
- Immediate Savings
Tax savings are immediate (rather than coming once a year at tax time) since each paycheck reflects lower tax withholdings.
Disadvantages of a Flex Plan
- If you do not incur the expenses projected, you will forfeit unused salary reduction amounts. This is the “Use It or Lose It” Rule.
- Your Social Security benefits may be reduced since you will be paying less Social Security taxes.
Checking my balance
You can access the website below and make a confidential online inquiry about the status of your claim. Your health information privacy is important to us. You will need your Pin number.
You can check your account information by visiting www.flores247.com or by contacting
FLORES at 1-800-532-3327.
The Piedmont Healthcare Services HR Department can be reached at email@example.com