The Section 125 Flexible Spending Plan allows you to use pre-tax dollars to pay for Beloit College medical, dental or vision care insurance premiums, and set aside money each pay period for unreimbursed health-related or dependent care expenses.  Our plan is administered by Employee Benefits Corp., Inc. (EBC), a Madison company specializing in the administration of flexible spending plans. 

Participation in the flexible spending accounts is voluntary, and you must enroll or renew your election each plan year.  The new plan year begins January 1, 2012.  

A brochure containing information about the BESTflex flexible spending accounts is linked here.  The brochure illustrates the tax-saving advantage of the plan.  You can access additional information and enroll on-line at www.ebcflex.com.  Please read and use the information below to help you complete the enrollment form.

Summary Plan Description

Health Reimbursement Account – The maximum contribution is $4,200 per calendar year.  Effective January 1, 2011, eligible health-related expenses no longer include over-the-counter medications.  For additional information, click here.

Dependent Care Account – The contribution limit is $5,000 per calendar year, or $2,500 if you are married but file a separate return.

Using a flexible spending account is easy. 

After you submit your enrollment form, you will receive a claim packet with instructions and detailed plan information.  For your convenience, EBC offers the following customer service features:

• secure access to your BESTflex account on-line
• claim checks are processed promptly
• direct deposit of claims (if you’ve previously requested direct deposit, your claims will continue to be deposited in 2012)
• personal assistance by phone with a flex expert

A final word about flex plans – Use It! Don’t Lose It!  Carefully estimate the expenses you expect to incur during the next plan year.  Be realistic, but conservative!  Unused flexible spending plan contributions are non-refundable and annual plan elections are irrevocable.  Changes in participation or withholding are limited to certain life status events. 

Questions? 

Call Human Resources at ext. 2630