Flexible Benefit Plans allow you to set aside a portion of your income, pre-taxed, to pay for certain expenses not covered by your benefit plan. Most important, since the Flexible Benefit Account is funded with pre-tax dollars, you actually lower your taxable income, creating a larger net income.
To participate in the Flexible Spending plan, you must be an active employee. Since the plan operates on the concept of if you don't use it, you lose it; accurate estimates of medical expenses are required.
Please be advised that the Treasury Department and the IRS have announced that over the counter drugs can can now be paid with pre-tax dollars through Health Care Flexible Spending Accounts. This revision includes only items that are legally procured and generally accepted as falling within the category of medicine and drugs. Toiletries, cosmetics, sundry items and dietary supplements (such as vitamins) would not be eligible under this ruling.
More information can be found at http://www.mytakecareplan.com and http://www.ezflexplan.com/mvp
Questions regarding the flexible spending benefit plan may be directed to Trisha Phelps at MVP at 1-888-438-1613 or 315-234-6177
