Dependent coverage is available at reduced levels of benefits. The person cared for must be claimed by you as a dependent on your income tax return. If you use this plan, you cannot claim the same expenses as credits on your income tax returns. For most people, tax-sheltering under this Flexible Benefits Plan will save more money than the tax credits. The back of the Choices brochure has a worksheet for comparing these savings.
Any amount left in the account at the end of the plan year is forfeited.
If you leave the school system, you can continue to draw from your account balance throughout the plan year. You may change your contributions during the plan year only if there are certain family status changes that have a direct impact on your needs. Our plan will allow only reducing or eliminating your contributions within 60 days of the death of your spouse or dependent, increasing an existing contribution but not starting a new account in case of the birth or adoption of a child. You can get information and forms from the payroll office. You may adjust for other family status changes during the open enrollment period each year.