Section 125 Plan [Flexible Spending Account]
Section 125 plans provide a simple and effective way to for employees to save money by allocating pretax funds to use toward qualified medical and dependent care expenses. With a section 125 flexible spending account, employees can save an average of 30% in federal, state, and local taxes on items they already pay out-of-pocket. The Point Pleasant Board of Education participates in a Section 125 Premium Only Plan. A summary plan description; as well as, information to access both an educational flyer and video are attached.
The ''Election to Participate" form (Exhibit 8) must be completed to avoid possible taxation of the health insurance and group term life insurance benefits you may receive. Participation in the plan will also allow contributions to disability insurance to reduce your taxable wages if you so choose.
For complete information go to www.HorizonBlue.com/FSA
To file a claim go to www.HorizonBlue.com/FSA or fax to 1-975-274-2215
*Completed forms should be submitted to Colleen DeStasi in the Business Office.