Smith's flexible benefit plans allow your medical and dental insurance premiums to be deducted from your paycheck before taxes are taken out. In this way, you never pay federal, state and Social Security taxes on these premiums. The flexible benefits plan also allows you to set up accounts that help you save tax dollars on your out-of-pocket medical/dental/vision care and employment related dependent care costs.
The money you elect to set aside is taken from your paycheck before taxes in equal increments throughout the calendar year. IRS regulations state that any unused funds remaining in the accounts at year-end must be forfeited, and the changes or terminations of contributions during the plan year can only be made under specific conditions.
See our Forms page for flexible spending forms.
Medical Reimbursement Accounts
Smith uses Benefit Strategies to administer our flexible spending account plans. To contact the customer service center for Benefit Strategies call (888) 401-FLEX (3539) or visit their website, www.benstrat.com.
Health Care Spending Account
This account allows you to set aside up to $2,500 per year on a pretax basis to pay for out-of-pocket health, dental or vision care costs.
Dependent Reimbursement Accounts
To help with the high cost of day care, this account allows you to set aside up to $5,000 of your pretax earnings to pay for qualified dependent care expenses.