Federation of Catholic Teachers
OPEIU Local 153 AFL-CIO
FLEXIBLE SPENDING
ACCOUNTS
FOR
HEALTH CARE EXPENSES
DEPENDENT CARE EXPENSES
QTB FOR
COMMUTER EXPENSES
The open enrollment period for enrolling is November 17 through December 5, 2008. Please act quickly if you wish to participate.
If you think that the union is pushing for our members to enroll in this, you are right. This is a benefit that is in jeopardy of being lost. If 35% of the full time teachers at your school do not enroll, the school does not have to offer it. In today's economy, opening a FSA is an excellent way to budget your money. You do not have to participate in the Archdiocesan health plan in order to open an FSA.
There are three accounts offered through the Flexible Spending Plan - Healthcare, Dependent Care, and the Commuter Benefit Plan. Your contribution to an FSA account lowers your taxable income, because the contribution is made on a pre-tax basis.
Healthcare Flex
Spending Account
Reimburses you for expenses not covered by insurance, such as
medical co-pays, dental, eyeglasses, prescription drugs, hearing aids,
non-cosmetic over the counter drugs (excluding vitamins). The
maximum you can contribute is $1,500 and there is no minimum. If you
are not sure what your medical expenditures might be for 2009, you can
open an account with less than the maximum amount, until you are
comfortable using the plan. Next year, you can increase the amount.
Dependent Care Flex
Spending Account
Helps you pay for childcare services which make it possible for
you and your spouse (if applicable) to work. Under certain
circumstances, it also may be used to help pay for the care of elderly
parents, or a disabled spouse or dependent. To be eligible, you must
be at work during the time your eligible dependent receives care.
The maximum contribution to this account is $5000 if married and you file
taxes jointly, and $2500 if married and file individually. Specific
details regarding this account are included in the enrollment
package. Please read carefully.
Commuter Benefit Plan
Allows you to be reimbursed for qualified, work related
transportation expenses. The Parking Reimbursement Account allows
you to contribute up to a maximum of $230 a month to park your vehicle at
a facility that is near your school or at a location where you commute to
work. The Mass Transit Reimbursement Account allows you to cover
costs incurred in commuting to work up to a maximum of $120 per
month. These include subway, train, bus, ferry or vanpooling
fare. Qualified amounts include the cost of any pass, token, metro
card or any other item that entitles you to use mass transit for the
purpose of traveling to work. While you have to enroll in these
accounts during the open enrollment period, the amounts you set aside each
month can be changed on a quarterly basis in this commuter plan
ONLY. This would take into consideration your status in the
summertime when you are not going to your school. Again, check the
enrollment packet for additional details.
Click Below to Download the Information on the FSA for Healthcare and Dependent Care, and the QTB for Commuter Benefits:
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