to access your account.
The money you earn is important to you and
your family. You need it to pay your bills, enjoy recreational
activities and save for the future. Flexible Spending Accounts help
you increase your take home dollars by lowering the taxes you pay.
Section 125 is part of the IRS tax code, and OSF HealthPlans offers
the following Section 125 plans:
Unreimbursed Medical Flexible Spending
Account
This account helps you pay for medical, dental, vision and
certain other healthcare expenses, on a tax-free basis (but not
premiums), that you and your dependents may incur.
Child/Dependent Care Flexible Spending Account
This account helps you pay for daycare expenses, on a tax-free
basis, for your children under the age of thirteen and qualifying
other dependents, including dependent parents.
Flexible Spending Accounts (Section 125)
If you elect a Flexible Spending Account, you contribute to it
before taxes, in equal installments each pay period throughout the
year. For new employees hired in the middle of the year, the annual
contribution will be divided among the remaining pay periods in the
calendar year. Contributions must fall within these annual limits
established by your employer group.
Any excess money left in your account at the end of the plan year
or the 2 ½ month grace period will be forfeited. Expenses must be
incurred 2 months and 15 days (the grace period) after the end
of the Plan year. Expenses must be submitted within three
months of the Plan year.
