Tax Savings Program
Tax$ave allows eligible full-time employees to set aside pre-tax dollars to pay for qualified medical, dental and dependent care expenses to avoid federal taxes and save money. The benefits program defined by Section 125 of the Federal Internal Revenue Code consists of three separate component plans:
PREMIUM OPTION PLAN (POP)
Allows employees to pay medical and/or dental premiums they may have, using before-tax dollars.
UNREIMBURSED MEDICAL FLEXIBLE SPENDING ACCOUNT
Allows employees to set aside money to pay for qualified medical and dental expenses not paid by a group health benefits plan under which employees or their dependents are covered.
DEPENDENT CARE FLEXIBLE SPENDING ACCOUNT
Allows employees to set aside before-tax dollars to pay for anticipated expenses related to dependent care that is required to permit the employee and spouse to work.
Enrollment in the POP is automatic, but not for the flexible spending accounts. Newly hired employees may enroll in a flexible spending account within 60 days of their date of hire. Otherwise, employees may only join Tax$ave or make changes to their existing plan during the annual open enrollment period in October, or within 60 days of a qualifying event such as the birth of child or a marriage. Please refer to the State Health Benefits Program Handbook or contact the Office of Human Resources for more information.
Both unreimbursed medical and dependent care accounts are administered by WageWorks.