Flexible Benefit Plan Information

Flexible Benefit Plan Information

Health Care

Morningside College provides a “flexible benefit” package designed to reduce employee tax liabilities. The reimbursement account helps the employee save, in pre-tax dollars, the money needed to cover certain medical expenses not covered by insurance. Money placed in this account is not subject to federal and state income tax and FICA/Social Security tax. For 2017, you may elect to have up to $2,600 credited to this account. Please examine your health and dental insurance plans to estimate what your out-of-pocket expenses will be.

You may submit claims as expenses are incurred during the year and will receive full reimbursement up to your maximum annual contribution. Funds will be returned to you upon proof of payment for non-reimbursed medical care expenses. Remember, the Morningside adopted the Roll Over option that IRS made available. You can roll over a maximum of $500 to the next calendar and the amount rolled over can be used anytime the next year.

Dependent Care

The dependent care features provide the option to tax-shelter the amount you pay for dependent (day care) expenses if these amounts are paid to permit the employee (and spouse) to be employed. This option may be taken instead of the tax credit on your individual federal tax return. You may elect to have up to $5,000 credited to this account. Unlike the health care account, your dependent care account will be funded as you contribute to it and you will receive reimbursement for actual expenses. Any balance in your dependent care account after March 30 must be forfeited.

MYflexonline

Information on how to set up and access your online flex account as well as the phone and fax numbers for Advantage Administrators are located on the Morningside Portal under the Human Resources link then select forms & misc. items or go directly to www.advantageadmin.com. Please feel free to contact Advantage Administrators at 1-800-383-1623 or the Human Resources office for additional assistance.

Current enrollees in the Flexible Benefit Plan will want to visit www.advantageadmin.com to view current contributions, claims and check balances. This is a very useful site that gives a total picture of an employee’s Health Care Reimbursement Plan and/or Dependent/Child Care Reimbursement Plan. The site includes information of what are and are not allowable expenses. Claim forms are available on this site as well as at link listed below.