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How to save 30 to 40 percent on medical expenses, insurance premiums and day care
Our Beniversal flexible benefit plans allow you to have a certain amount of money deducted from your paycheck, before any taxes are calculated, to pay certain medical and day care expenses.
Because it's tax-free, the amount you set aside is 30 or 40 percent more (depending on your tax bracket) than you would be able to spend without a flexible benefit plan.
Flexible benefit plans could save you thousands of dollars every year!
If your employer has signed on for our Beniversal MasterCard® card option, you'll be able to access your medical funds as quickly as you can swipe the card. For eligible medical expenses not paid with the card, you can complete a claim online & either upload, fax or mail it to Benefit Resource with your receipts.
Read more about the flexible benefit plan accounts below or go directly to how flexible spending plans work and instructions for enrolling.
Beniversal Medical Flexible Spending Accounts (FSAs)
FSAs are IRS Section 125 accounts in which you set aside tax-free contributions for medical expenses. Your employer will set the annual limit for your contributions. Your Medical FSA may allow you to pay for:
- doctor's visit copays
- chiropractor fees
- emergency room visits
- prescription drugs
- dental care
- prescription eyeglasses
- contact lenses and lens supplies
- hearing aids
- individual psychological counseling
- certain over-the-counter (OTC) medical items
 | Sample OTC Chart (through 12/31/2010) |
| Sample OTC Chart (effective 1/1/2011) |
Beniversal Dependent Care Flexible Spending Accounts
Dependent care FSAs allow you to use tax-free dollars for day care or dependent care for
- a dependent child under the age of 13
- a spouse or other dependent adult who's not able to care for himself or herself
The federal government sets the plan year limits for dependent care. They are currently set at $5,000, if married and filing jointly, or if single; $2,500 per year, if married and filing separately.
In order to qualify, the care must be necessary to enable you to work. If you're married, you must also be working, looking for work, or attending school fulltime. If you meet these criteria, then these expenses are covered:
- child care
- nursery school
- before- and after-school care
- adult care
- in-home dependent care
Insurance premiums
Most flexible benefit plans automatically deduct the cost of certain group insurance premiums from your paycheck, tax-free. They can include:
- medical
- dental
- vision
- group term life
- accidental death and disability
- long-term disability