Vendor Contact
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CONEXIS
Toll free Phone: 877.CONEXIS (877.266.3947)
Toll free Fax: 877.253.2948
www.conexis.org
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What is the Flexible Benefit Plan?
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The Flexible Benefit Plan is a voluntary employee benefit plan established by your employer under Section 125 of the IRS Code which permits employees to pay for certain eligible expenses with pre-tax dollars.
Premium Conversion
The employee portion of group medical and vision insurance can now be paid with pre-tax dollars through the plan.
Flexible Spending Accounts
Allows you to have tax exempt dollars deducted from your paycheck to cover unreimbursed health and dependent care expenses. Unreimbursed health expenses include, but are not limited to co-payments, co-insurances, deductibles, dental care, vision care, eyeglasses, and contact lenses. Dependent care refers to work-related day care expenses for children under age 13.
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Who is eligible to participate?
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To participate in the Flexible Benefit Plan, you must be an active, regular, fulltime or part-time appointed employee of the University who works twenty or more hours a week.
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When am I eligible to participate?
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As a new employee you are eligible to participate on the date you satisfy the
eligibility
requirements. You have 31 days from your date of eligibility to complete your elections. Reductions will begin on the first pay period thereafter. All Benefits Eligible employees may elect the Flexible Benefit Plan during the annual election period held each November.
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How and when can I change my annual election?
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Changes to your Flexible Benefit Plan may only be made in the annual election period held each November or with a
qualifying event.
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How does the plan work?
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Each employee may elect to contribute a specified amount of her or his pre-tax salary to the Plan. These contributions are then used to pay for eligible expenses on your behalf.
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What expenses are eligible?
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Out of Pocket Health Care Expenses: Certain out-of-pocket health care expenses can be paid with pre-tax dollars when you elect to deposit some of those dollars into the account established in your name. You may elect to contribute between $120 and $4,000 annually. The amount that you elect to set aside in this account will be held until you submit receipts for eligible expenses to be reimbursed. Some expenses eligible for reimbursement are:
Co-insurance, co-payments and physician charges that exceed medical plan limits or "reasonable and customary" fees annual Physicals, routine lab exams and x-rays, dental work not covered by a plan, eye exams, glasses and contact lens, hearing exams and hearing aids, guide and service animals, prescription or specially prepared foods, specially designed shoes, guide for a handicapped individual, medical data maintenance and retrieval, legal fees required for commitment to an institution or hospitalization. Contact the Benefits office at 479-575-2167, for a list of eligible expenses.
Work-related Dependent Care Expenses: Dependent Care Reimbursement Account can be used to pay those costs of dependent care that enable the employee to work, such as day care or after-school care expenses for a child under age 13, or care for a spouse or adult dependent incapable of self-care.
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How are my expenses paid?
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To receive a reimbursement for expenses under the Health Care and/or Dependent Care you must submit a Flexible Benefit Plan reimbursement form available at your Benefits office or see Benefits forms.
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What is Forfeiture?
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In exchange for the tax benefits you receive under the Plan, the IRS requires that any unused funds in your account at year end be forfeited and returned to your employer.
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Special Note
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If you are reimbursed for these expenses through the Health Care Reimbursement Account, you cannot claim them as a deduction on your income tax.
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