Flexible Spending Account
Pre-Tax Premium Plan – IRS Section 125
The IRS Section 125 allows employees to pay some benefits with pre-tax deductions from their paychecks. These pre-tax deductions lower the employee's taxable income and consequently, the employee pays less in FICA and Federal Withholding taxes. The eligible purchases include employee-paid costs for medical, dental, vision and other qualified medical expenses.
The flexible spending account (FSA) and dependent day care account (DDC) require an annual election each year during the Annual Open Enrollment period with a minimum contribution of $360 up to $2,550 (FSA) and up to $5,000 (DDC) maximum. A great feature of the FSA is the ability to rollover a maximum of $500 automatically each plan year.
Here is the link to their website: http://www.chard-snyder.com/
Every employee that enrolls in the Flexible Spending Account will receive two “Benny” MasterCards to use for their medical, dental or vision co-pays or deductibles.
Customer Service Phone Number: 1-800-982-7715