You may purchase individual policies from American Fidelity including Disability Income Insurance, Basic Cancer, Limited Benefit Accident Only Insurance, Life Insurance (term, whole and permanent) and 403(b) Tax Deferred Annuities (fixed and variable).
Flexible Spending Accounts
The FSA plans, offered through American Fidelity, allow you to set aside money before taxes are deducted to pay for certain health and dependent care expenses, lowering your taxable income and increasing your take home pay. Only expenses for services incurred during the plan year are eligible for reimbursement from your accounts.
Health Care Spending Account (HCSA): This plan is used to pay for expenses not covered under your health plans, such as deductibles, coinsurance, copays and expenses that exceed plan limits. Employees may defer up to $2,550 pre‐tax per year.
Dependent Care Assistance Plan (DCAP): This plan is used to pay for eligible expenses you incur for child care, or for the care of a disabled dependent, while you work. Employees may defer up to $5,000 pre-tax per year.
FSA Plan Highlights:
- Expenses will only be reimbursed if they are incurred during the plan year (January 1 through December 31), or during the 70 day grace period (January 1 through March 11). You have until March 31 to submit reimbursement requests for the previous plan year.
- You must spend all the money in your accounts, or you will lose it. These accounts are subject to strict IRS regulations, including the use‐it‐or‐lose‐it rule. According to this rule, you must forfeit any money left in your account(s) after your expenses for the year have been reimbursed.
- Your contributions will be in effect for the entire plan year. Employees cannot stop or change your Health Care FSA contributions during the plan year, and changes to the Dependent Care FSA are only allowed if you have a qualified status change, such as marriage, divorce, or birth or adoption of a child.
- Money cannot be transferred between the Health Care and Dependent Care FSA.
- A new enrollment is required each year, even if you do not plan to change the amount(s) set aside. The open enrollment for the Flexible Spending Accounts (FSA) is held each year in the Fall.
- If your employment with the Westminster School District ends, you can only be reimbursed for claims incurred up to your last day of employment, unless you elect COBRA for a Health Care FSA.