United Road is excited to offer employees a new tax-relief benefit and flexible spending account program that allows employees to use tax-free dollars on various expenses. “In the long-run, the program increases your take-home pay by reducing your taxable income,” says Eric Madison, United Road’s director of Human Resources.
How many times have we heard that it’s good to be flexible? The benefits experts at United Road believe this is a good idea not only in one’s personal life but also at work. That’s why United Road is excited to present this new flexible spending program.
“In a nutshell, the Flexible Spending Account program allows employees to take part of their pre-tax payroll and apply it toward a debit card that can be used for medical expenses, doctor visits, over-the-counter medications, daycare tuition, vaccinations, eye exams and more,” explains Madison.
Sandra Klinkman, United Road’s Human Resources manager, explains that there are two parts to the flexible spending program.
The Health Care Account (HCA) allows participants to elect to defer up to $2,500 in pre-tax dollars per plan year. These funds are available immediately upon eligibility and enrollment.
“Whatever you sign up for, based on your estimated out-of-pocket expenses, that amount will be loaded onto a debit card to be used over the remainder of the plan year (once eligible),” Klinkman explains.
The Dependent Care Account (DCA) allows participants to elect to defer up to $5,000 in pre-tax dollars per year. These funds are only available as the deductions are taken, meaning, the account must be funded before the dollars can be spent. For both programs, if funds are left in the account at the end of the plan year, those funds are lost (forfeited) to the participant.
Klinkman and other benefits specialists are continually working to make employee benefits the best they can be at United Road. “With rising costs of goods and services, we know that every penny counts,” Klinkman notes. “This program helps you save a lot of pennies!”