What is the Flexible Benefits Plan?
A Flexible Benefits Plan offers a unique way to help you increase your net income. With this plan, you can contribite your portion of the premium of an employer sponsored health insurance plan on a pre-tax basis. This is called premium conversion. In addition, you can put part of your pay into special accounts (Flexible Spending Accounts) to pay some of your health care and dependent care expenses not covered by other benefit plans. The amount that you redirect through the Flexible Benefits plan options is not taxed for Federal, State or FICA (Social Security) purposes.
