Platte County School District

NEW! Flex Spending Open Enrollment Effective 1/1 - 6/30/2024

Platte County School District’s insurance plan year is July 1st - June 30th. However, the plan year for the Flexible Spending Accounts - Health Care and Dependent Care runs from January 1st to December 31st. In an effort to align both plan years,  we have a  SHORT PLAN YEAR that will run from January 1, 2024, through June 30, 2024. 

Flexible Spending Accounts- Health Care and Dependent Care

Flexible Spending Accounts (FSA) are part of Section 125, established by the IRS. Section 125 allows employees to set aside money for future health care and childcare costs on a pre-tax basis. 

You save between 15%-40% by not having to pay federal, most state, and local taxes, as well as Social Security and Medicare taxes for every dollar elected for an FSA.

Eligibility

• You are eligible to participate in the Health Care Flexible Spending Account if you work 30 or more hours per work AND you or your spouse are not participating in a Health Savings Account. 
• You are eligible to participate in the Dependent Care Flexible Spending Account if you work 30 or more hours per week.
  
  

Annual Election

• Up to one-half of the annual elections are available for the short plan year. On July 1, 2024, the entire annual election amount will be available.
• The Health Care FSA will allow you to set aside $1,525 for the short plan year running from January 1, 2024, through June 30, 2024. Starting January 1, 2024, we are converting from a Grace Period to a Carry-Over for any unused healthcare funds on June 30, 2024. This means you can carry over up to $610 into the next Health Care FSA plan year starting July 1, 2024.
• The Dependent Care FSA will allow you to set aside up to $2,500 in the short plan year running January 1, 2024, through June 30, 2024, or $1,250 if married and filing separately on your taxes. There is no grace period or carry-over, any money left in the account on June 30, 2024, will be forfeited.
• We are currently waiting for the IRS to release the 2024 contribution maximums. This is normally done in November and we will communicate changes as needed.
  
  

Review the Flexible Spending Account Resources to help make an informed decision about these benefits.

Flexible Spending Account Resources

• Which PayFlex account is best for you? 
• Flexible Spending Account (FSA) Q&A

__________________________________________________________________________________________________________________________________

A Flex Spending Arrangement (FSA) is a benefit that allows an employee to redirect a portion of their pay, through the convenience of equal, pre-tax payroll deductions, to create a spending account for healthcare and/or dependent care expenses. This means that the money is deducted from your pay before Federal, State/Local (most) and Social Security/Medicare Taxes are calculated. Because you do not pay these taxes on money that goes into your spending accounts, you decrease your taxable income - and increase your take home pay.

You can enroll in a Medical Reimbursement Account and/or a Dependent Care Account. In estimating your separate election amounts, remember all expenses must be incurred between January 1 and December 31 of each year. Estimate conservatively, as unused funds at that end of the plan year are forfeited (see below for the Medical Grace Period). Medical and Dependent Care amounts are not "transferable" between accounts.

Medical Reimbursement Account (MRA)

An MRA allows you to contribute up to $3,050 to help you pay for eligible medical/dental/vision expenses that are not paid by insurance. It does not replace an insurance plan, but it can help you get more for your money by using pre-tax dollars on out-of-pocket health care services. *REMINDER - Any unused dollars at 12/31 are eligible for a Grace Period into the following year and will be available to use for Dates of Service thru March 15th of the following year.

Dependent Care Account (DCA)

The DCA allows you to contribute up to $5,000 per year into a DCA, or up to $2,500 if married and filing separately (for January 1, 2023 - December 31, 2023), for eligible dependent care. Please review the enrollment guide.  We will update when the 2022 contribution limits are announced. The "use it or lose it" rule applies to the DCA and there is no Grace Period.

Flex Spending Resources

BASIC Participant Reference Guide
BASIC Login instructions
BASIC Claim Form
BASIC My Cash Account
BASIC Reimbursement Guide
Plan Summary Description