To help your dollar go further, you can put money into these accounts on a before-tax basis to pay yourself back for certain items, as described below, under the Health Care and Dependent Day Care Accounts. In deciding how much to contribute, it is critical to consider your needs carefully. If your eligible expenses turn out to be less than the amount contributed, Federal law requires that the unused balance be forfeited. The Plans run for one calendar year, so you must use up your account before December 31.
All plans are administered by EBS Benefits.
This account allows you to set aside up to $5,000 on a pre-tax basis to pay for eligible medical, dental and vision care expenses. By using this plan, your taxable income is reduced, therefore making your health care dollars go further.
This account allows you to set aside up to $5,000 on a pre-tax basis to pay for eligible child or elder care expenses. By using the plan, employees avoid paying taxes on money earmarked for dependent day care expenses. You may use the plan if both you and your spouse work, if you are a single parent, or if your spouse is a full-time student or is totally disabled.
Commuter Reimbursement Account
This program offers employees who use public transportation to commute to work a chance to pay up to $230 per month for public transit related expenses on a pre-tax basis.