Tax$ave
2009
Tax$ave,
a benefit program available under Section 125 of the Federal Internal
Revenue Code, allows eligible employees to set aside before-tax
dollars to pay for certain medical, dental, and dependent care expenses,
thereby avoiding federal taxes and saving money. An eligible employee
is any full-time employee of the state, a state college or university,
or other state agency who is eligible to participate in the State
Health Benefits Program. Tax$ave consists of three separate component
plans, and an eligible employee may elect to participate in any
combination, all, or none of the plans. The three components of
Tax$ave are:
- The Premium
Option Plan (POP) allows employees to pay any State Health
Benefits Program medical and/or dental premiums they have with
before-tax dollars. Enrollment
in the POP is automatic unless enrollment is declined.
- The Unreimbursed
Medical Flexible Spending Account (FSA) allows employees to set
aside money to pay for qualified medical and dental expenses not
paid by any group benefits plan under which they or their dependents
are covered. Reenrollment is required each calendar year — link to FSA plan Web sites.
- The Dependent
Care Flexible Spending Account (FSA) allows an employee to set
aside funds to pay for anticipated expenses related to dependent
care required to permit the employee and spouse to work. Reenrollment
is required each calendar year — link to FSA plan Web sites.
For additional
information about Tax$ave, see Fact Sheet #44,
Tax$ave.
Eligible
employees should also review the
Tax$ave 2009 Open Enrollment
Newsletter and the Premium
Option Plan brochure which
are distributed as payroll inserts and linked from this Web site.
Employees can also contact Fringe Benefits Management Company (FBMC) the NEW flexible
spending account administrator for more information on the Unreimbursed Medical Flexible Spending Account and Dependent Care Flexible Spending Account portions of Tax$ave 2008. FBMC's telephone number,
address, or Web link are provided below.
Note:
FSA plans for the 2007 plan year are administered by Horizon BCBSNJ. FSA claims for 2007 should be completed through Horizon — see link below .
Tax savings on commuter mass transit and parking expenses are available
as a separate benefit to State employees under the Commuter Tax$ave
Program. See Fact Sheet #67, Commuter Tax$ave
Program, for details.
Flexible Spending Accounts For 2009
Fringe Benefits Management Company (FBMC)
administers the Unreimbursed Medical Flexible Spending Accounts and Dependent Care Flexible Spending Accounts for Tax$ave and the Division of Pensions and Benefits.
You must enroll with FBMC to participate in a Flexible Spending Account in plan year 2009.
- Enroll online at the FBMC Web site: www.myFBMC.com (To start the online enrollment process, click "New User Signup");
- Enroll by telephone using FBMC's Interactive Voice Response (IVR) system at 1-866-440-7150.
- Mail an Enrollment Form to FBMC.
(FBMC Claim Form - PDF size 107K)
For additional information about the FSA plans for Tax$ave 2009, contact FBMC Customer Service at 1-800-342-8017, or visit online at: www.myFBMC.com.
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Fringe Benefits Management Company
P.O. Box 1878
Tallahassee, Florida 32302-1878
Phone: 1-800-342-8017
e-mail: webcustomerservice@fbmc-benefits.com |
Declination
of POP Enrollment
in the Premium Option Plan (POP) is automatic unless an employee
submits a Declination of Premium Option Plan form.
By declining POP you are choosing to pay more in taxes. If you
wish to decline enrollment in this tax-savings plan, use the
State Employees'
form or the State
College Employees' form (depending on your employer).
The
Declination of POP form is stored in Adobe
Acrobat PDF format. To view or download, you must have a
PDF viewer which is available free from Adobe. |
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