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To help you reduce your taxes and increase your spendable income, The Commonwealth of Virginia brings you the Flexible Benefits Program with Premium Conversion and Flexible Reimbursement Accounts (FRAs). Enrolling in one or more of the program's components is an easy way to save on taxes.
Premium Conversion allows your portion of the health insurance premium to be deducted from your paycheck before taxes are calculated. NOTE: Premium Conversion Open Enrollment corresponds with the Health Insurance Open Enrollment during the spring.
Reimbursement Accounts allow you to set aside part of your salary each pay period on a pre-tax basis for Medical, Dental, Vision Expenses not covered by your health insurance and/or Dependent Care expenses for your child, elderly parent, or other dependent incapable of self-care.
Two ways to enroll:
- Submit a Flexible Reimbursement Account Election Form to Human Resources
- Use "EmployeeDirect" on the Web by visiting the DHRM Web site at www.dhrm.state.va.us
Links to forms and Web Sites:
Flexible Reimbursement Worksheet
Enrollment Form (Effective through June 30, 2012)
Enrollment Form (Effective July 1, 2012)
Go to Fringe Benefits Management Company (FBMC) web site to view your account information.
Link to "EmployeeDirect"
Link to Commonwealth of Virginia Department of Human Resources (DHRM)
Quick Facts about Medical Flexible Reimbursement Accounts:
Quick Facts about Dependent Care Flexible Reimbursement Accounts
- Medical Flexible Reimbursement Accounts are special savings accounts that can be set up using pre-tax money to be used for medical, dental, vision expenses not covered by your health benefits plan.
- The minimum contribution is $10 per pay period. The maximum annual contribution is $5,000.
- As you incur expenses, file a reimbursement form with FBMC and you will receive a refund. You have saved money by using pre-tax dollars.
- September 30 is the deadline for filing expenses incurred in the previous plan year.
- Use It or Lose It - Plan wisely because you must use all of the money in your account by the end of the year or you lose it.
- Examples of eligible expenses:
- Doctor's office co-payments
- Diagnostic tests
- Prescription Drug copayments
- Glasses & contacts
- Dental fees
- Certain over-the-counter items
- Examples of Ineligible Expenses
- Insurance premiums
- Vision warranties and service contracts
- Cosmetic surgery not deemed medically necessary
- Health & fitness club membership fees
Accounts Administered by: Fringe Benefits Management Company (FBMC)
- Dependent Care Reimbursement Accounts are accounts set up to pay for eligible expenses incurred for the care of your child (under 13 years old), disabled spouse, elderly parent or other dependent who is incapable of self-care.
- The minimum contribution is $10 per pay period.
- The Maximum is $5,000 annually if filing as single, or married filing a joint federal tax return. If you are married and filing separate returns, the maximum is $2,500.
- Examples of Eligible Expenses
- Day care facility and local day camp fees for qualified dependents.
- Baby-sitting fees for at home care of qualified dependents while you and your spouse are working
- Care cannot be provided by you, your spouse, or other dependents
- Examples of Ineligible Expenses
- Child support payments or child care if you are a non-custodial parent
- Payments for dependent care services provided by your dependent
- Health care costs or education tuition
- Inpatient nursing home fees
Fringe Benefits Management Company
PO Box 1800
Tallahassee, FL 32302-1800
Customer Service 800.342.8017
Email FBMC: email@example.com