Flexible Spending Account
The Section 125 plan also lets you redirect a portion of your pay, through the convenience of payroll deduction, to create a spending account for healthcare and/or dependent care expenses. The money that goes into your spending account(s) is deducted on a pre-tax basis. This means that the money is deducted from your pay before federal, state and social security taxes are calculated. Because you do not pay these taxes on money that goes into your spending accounts, you decrease your taxable income – and increase your take home pay.
In estimating your election amounts for the medical, limited and/or dependent care accounts, remember all expenses must be incurred between January 1, 2022 and December 31, 2022*. Estimate conservatively, as unused funds at the end of the plan year are forfeited (lose-it-or-lose it). To help estimate your annual FSA election, please refer to the Election Worksheet in the "Learn More" section below. Medical and Dependent Care amounts are not “transferable” between accounts. For a complete description of the plan, refer to the Flexible Spending Account Plan document here, in the "Learn More" section below, or you can obtain a copy from the Business Services Department.
How much money should you put into your spending account? That depends on your expenses. We recommend you review eligible expenses for the last few years to predict your expenses for 2022. During your enrollment, you’ll elect an annual contribution amount which will then be deducted from your paycheck in equal monthly installments.
Consider how much to put aside carefully, once you make your choices, your contributions will remain unchanged unless you experience a qualifying change in family status. The changes you request must be consistent with the status change event.
For newly hired employees, your elections should be calculated based on your anticipated expenses from your hire date through December 31, 2021 or December 31, 2022, depending on your insurance effective date. To determine your monthly contribution amount, divide your anticipated expenses by the number of months remaining in 2021/2022.
Customer Service: 866-818-8805, choose the option for Surency Flex
Your specific rights to benefits under the Plans are governed solely, and in every respect, by the official Plan documents and insurance contracts, and not by information included in this website. If there is any discrepancy between the descriptions of the Plans as described on this website and the official Plan documents, the language of the documents shall govern. Lee’s Summit School District also specifically reserves the right to revise, modify or terminate the Plans at any time.