image of people
  Introduction to the Handbook
  Message from the President
  About Your College
  Ivy Tech Foundation
  Regional Administrative Centers
  Personnel Policies and Procedures
  Time Off
  Health and Dental Care Programs
  Other Core Benefit Programs
  Group Term Life Insurance
  Group Long-Term Disability Insurance
  Worker's Compensation Disability Benefits
  Other Disability Information
  Tax Saver Program
  Flexible Spending Accounts
  Integrated Health Programs
  Employee Assistance Program
  Educational Support
  Service Awards Program
  Annual Employee Benefits Statement
  Credit Union Membership
  Voluntary Benefits
  Retirement Programs
   
  Updates:

August 2014
July 2014
July 2013
September 2012
July 2012
July 2011
February 2011
December 2010
August 2010
July 2010
November 2009
September 2009
March 2009
January 2009
July 2008
January 2008
July 2007
March 2006
May 2005
March 2005
December 2004
January 2004
December 2003
September 2003
May 2003
March 2003
November 2002
May 2002
February 2002
December 2001

 

 

Clearing Browser Cache

  Return to Ivy Tech Community College of Indiana
 
Ivy Tech Community College of Indiana Ivy Tech Community College of Indiana
contact us
Full-Time Employee Handbook
Other Core Benefit Programs
   

The Flexible Spending Accounts (FSA) program lets you pay for certain expenses with tax-free money.  When you choose to participate, you elect to have a portion of your salary deducted from each of your paychecks, before it is taxed, and directed to your flexible spending account(s).  

This untaxed money is then available to reimburse you for certain out-of-pocket health care expenses and dependent care services provided during the plan year.

You may enroll within 31 days of becoming a full-time, benefits-eligible employee or during the annual College-designated open enrollment period in three types of Flexible Spending Accounts: the General Purpose Spending Account, the Limited Purpose Spending Account (for use by those enrolled in the Choice Plan; only unreimbursed dental and vision expenses may be reimbursed) and the Dependent Care Spending Account. For all of the accounts, you will estimate the amount of your unreimbursed expenses for the plan year (July 1 to June 30). These annual estimates are deducted in equal installments from your paychecks over the year on a pre-tax basis. An annual maximum of $5,000 may be set aside in either the General Purpose FSA or the Limited Purpose FSA.  You may also set aside an annual maximum of $5,000 in the Dependent Care FSA. Your FlexPro debit card may be used at participating merchants to pay for eligible expenses at the time of service or you can submit receipts for eligible expenses to Ivy Tech’s third party administrator to receive reimbursement from your accounts.

By enrolling in either the General Purpose FSA or Limited Purpose FSA program, you set aside pre-tax dollars to pay for eligible out-of-pocket health care expenses that are not covered by your other benefit plans.  And, you can get the same pre-tax savings by opening a Dependent Care FSA to pay for childcare expenses. 

Eligible health care expenses include, but are not limited to, out-of-pocket health, dental, vision and hearing expenses, as well as prescription drugs, certain over-the-counter medications*, deductibles and co-payments for you or any member of your immediate family, regardless of whether or not they are covered by an Ivy Tech benefit plan. *Effective January 1, 2011, over-the-counter medications will no longer be reimbursable through your FSA without a physician’s prescription.

Eligible dependent care expenses include care for children under age 13 that is necessary in order for you to work. With the exception of dependent care centers, child care providers do not have to be licensed, but they must be claiming earnings for taxation purposes and provide you with a receipt. However, dependent care centers (providing care for more than six individuals) must comply with all applicable state and local laws, including applicable licensing requirements.

When estimating your expenses, please be conservative with the dollar amounts you set aside in these accounts. If, at the end of the plan year, there are any unclaimed dollars in your accounts, this amount is subject to the IRS's "use it or lose it" rule. Any such unclaimed money will be forfeited if you do not spend the entire amount you have allocated. If you have expenses, please do not let this intimidate you from participating. Simply look at expenses you know you will incur and estimate conservatively.

Elections for Flexible Spending Accounts are irrevocable during the plan year unless a change is permitted under the terms of the Plan. See the permitted election change discussion under the Tax Saver Program above.

| next |

 
This is the most current version of the handbook.
 
© Wednesday, 17-Sep-2014 09:34:56 EDT Ivy Tech Community College of Indiana 1-888-IVY-LINE