July 14, 2020
Kenyon has updated its plans for returning to campus, offering in-person and remote instruction. Read more here.
UMR administrates the Kenyon College Flexible Spending Benefits plan. To contact a member of the UMR Flex Team, phone toll free: 1-866-868-0145. Participation may begin on the date of your employment and is voluntary.
The contributions limits for 2020-21 are:
The smallest of the following
If you do not make a written election to participate in the plan when you first become eligible, you cannot
The plan year begins July 1 and ends June 30. Employees can choose to reduce their gross salaries by a specified amount. The dollars are placed in one or both of the accounts mentioned below. Allocating dollars to the spending accounts results in a lower tax base. Example: an employee, earning $25,000, allocates $2,000 to the Dependent Care Account and $1,000 to the Medical expense account. The employee pays federal and social security taxes on $22,000. Dollars withdrawn from the accounts are distributed on a
Employees must use caution in allocating dollars to these accounts as all monies must be used by the end of the plan year.
Even if you are covered by the medical plan, you probably have some health care costs you must pay out of pocket. You can redirect tax-free money into your account to reimburse yourself for eligible expenses. Because you never pay income or Social Security taxes on the money you set aside, you can receive quality health care and save money.
Eligible Health Care Expenses
The following is a partial list of the types of expenses which may be eligible for reimbursement, if not paid by insurance.
|Ambulance||Hearing Aids & Batteries|
|Birth Control Pills||Insulin||Reconstructive Surgery|
|Chiropractic Care||Laboratory Fees||Speech Therapy|
|Contact Lenses||Mentally retarded, home for Nursing Care||Sterilization|
|Eye Exams||Oxygen Equipment||X-Ray|
Estimate your expenses:
|Vision Exams, Glasses, Contacts||________|
|Child Day Care||______|
|Summer Day Camp||______|
|Adult Day Care||______|
|Other Eligible Expenses||______|
Add your estimated expenses, and divide by the number of paydays during the plan year to calculate a possible contribution.
(salary=12 pays, hourly=26 pays)