Note, however, that if you tax-shelter the premiums for the Disability Income Insurance , the IRS requires that most of the benefits you might receive under that plan be fully taxable. See the information under this plan on page 3. For reimbursement requests received in the home office by the 8th of the month, checks will be written on the 15th. For requests received by the 22nd, checks will be written on the last day of the month. All money that is deducted for these accounts is placed in a non-interest bearing account and is used to pay claims for these benefits.
Filing is simple.
There is no administrative charge for these accounts. You may elect annually whether or not to participate. The only way you can lose money is if the amount of money you elect to place in a reimbursement account is more than the qualifying expenses you incur or if you don't file your receipts within 90 days after the end of the plan year. No documentation is required. All tax savings occur monthly and will be automatically reflected in your reported W-2 wages.