{"id":268,"date":"2013-12-10T14:29:32","date_gmt":"2013-12-10T20:29:32","guid":{"rendered":"https:\/\/wp.stolaf.edu\/facultyhandbook\/?page_id=268"},"modified":"2014-01-17T14:53:56","modified_gmt":"2014-01-17T20:53:56","slug":"reimbursement-accounts","status":"publish","type":"page","link":"https:\/\/wp.stolaf.edu\/facultyhandbook\/reimbursement-accounts\/","title":{"rendered":"Reimbursement Accounts"},"content":{"rendered":"<div data-modular-content-collection><p><i>[Faculty Handbook Category #4]<\/i><\/p>\n<p>All employees are eligible to participate in a program that allows employees to establish reimbursement accounts for either dependent care or out-of-pocket health care expenses with pre-tax dollars.\u00a0\u00a0Money set aside in these accounts is exempt from Social Security, Medicare, federal income tax, and state income tax.\u00a0\u00a0Contributions to these accounts cannot exceed 100% of pay.\u00a0\u00a0If the full value of an account is not used during the plan year (September\u00a01 \u2013 August\u00a031), the employee will forfeit the remaining amount.<\/p>\n<p>The IRS regulations governing these programs limit the types of changes that participants may make during the plan year.\u00a0Participants who set aside money are bound to those amounts for the entire plan year.\u00a0\u00a0Participants are not allowed to discontinue or change the amount of the contribution, except in very limited circumstances.\u00a0\u00a0Changes must be made within 30 days of a qualifying event.<\/p>\n<p>Please refer to the Flexible Benefits Summary Plan Description or contact Human Resources for questions regarding status changes, eligible expenses, reimbursement procedures and plan limitations.<\/p>\n<p><b>Medical Reimbursement Account<\/b><\/p>\n<p>Employees may participate in this program up to a maximum as defined by the Flexible Benefit Plan (refer to the Human Resources website, Benefit Overview section).\u00a0\u00a0This account is designed to reimburse employees for medical expenses that are not paid for through other plans (i.e., dental care, glasses and contacts, prescriptions, deductibles, co-payments, etc.).\u00a0\u00a0Certain over the counter medicines are also eligible.<\/p>\n<p><b>Dependent Care Reimbursement Account<\/b><\/p>\n<p>Employees may participate in this program up to a maximum as defined by the Flexible Benefit Plan (refer to the Human Resources website, Benefit Overview section).\u00a0\u00a0If you are married, the services must be provided to enable you and your spouse to be employed, unless one spouse is a full-time student and the other is employed.\u00a0\u00a0For the purposes of this plan, dependents are generally under age 13\u00a0who\u00a0are listed as dependents on your federal income tax return.\u00a0\u00a0However, there may be other individuals who qualify, such as older children, spouses or parents who are physically or mentally incapable of self-care.<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>[Faculty Handbook Category #4] All employees are eligible to participate in a program that allows employees to establish reimbursement accounts for either dependent care or out-of-pocket health care expenses with [&hellip;]<\/p>\n","protected":false},"author":209,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"footnotes":""},"class_list":["post-268","page","type-page","status-publish","hentry"],"acf":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/wp.stolaf.edu\/facultyhandbook\/wp-json\/wp\/v2\/pages\/268","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wp.stolaf.edu\/facultyhandbook\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/wp.stolaf.edu\/facultyhandbook\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/wp.stolaf.edu\/facultyhandbook\/wp-json\/wp\/v2\/users\/209"}],"replies":[{"embeddable":true,"href":"https:\/\/wp.stolaf.edu\/facultyhandbook\/wp-json\/wp\/v2\/comments?post=268"}],"version-history":[{"count":0,"href":"https:\/\/wp.stolaf.edu\/facultyhandbook\/wp-json\/wp\/v2\/pages\/268\/revisions"}],"wp:attachment":[{"href":"https:\/\/wp.stolaf.edu\/facultyhandbook\/wp-json\/wp\/v2\/media?parent=268"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}