|
Pre-Tax Contributions for Medical, Dental and Vision Plan Coverage
|
|
Pre-Tax Contributions for Medical, Dental and Vision Plan Coverage
Q. Can I change or cancel my contribution election during the year?
A. Unless you have a change in status as defined on page 5, you may not opt out of your
pre-tax election during a plan year. However, you have the opportunity to opt out once a year
during the annual enrollment period.
Your new election takes effect the following January 1.
You are enrolled to pay contributions for medical, dental
and vision plan coverage on a pre-tax basis,
which gives you two primary advantages:
- Under current tax law, you never pay federal income taxes or Social Security taxes on the amount of these contributions.
In most states, you also save on your state income taxes.
- Each year you are enrolled to pay your contributions for medical,
dental and vision plan coverage
on a pre-tax basis, and your election remains in effect unless you cancel it during a subsequent
enrollment period or due to a change in status. The amount of your pre-tax payroll deduction will
increase or decrease to reflect the amount of your contributions for medical,
dental and vision plan
coverage at the beginning of each plan year.
|
