The Cafeteria Plan is a tax savings plan where certain benefits are pre-taxed which includes insurance premiums, health care and dependent care expenses. By pre-taxing insurance premiums and other eligible expenses, you will reduce your taxable income and take home more money. This is an optional benefit which has an administrative cost of $1.50 per pay period.
The Cafeteria Plan is currently administered by Administrative Services Corp. (ASC). You may contact them at (671) 477-2724, Facsimile number: (671) 477-2729
What expenses qualify under the cafeteria plan?
Premium Expense Account:
1) Insurance Premiums
a. Health Insurance
b. Dental Insurance
c. Group Term Life Insurance (up to $50,000 of coverage)
Reimbursement Accounts:
2) Health Care Expenses (i.e. out of pocket expense) such as:
- Deductibles
- Co-payments
- Prescriptions
- Eyeglasses
- Over-the-counter Medications
3) Dependent Care Expenses
a. Child Care (Day Care [Nursery]; After School Programs (DEED)
- Under 13 years of age
b. Adult Care
|
