Benefits forCity of Colonial Heights (VA)
Congratulations on your new employment!
Your employment means more than just a paycheck. Your employer also provides eligible employees with a valuable benefits package. Below you will find information about how to enroll in these benefits as a new employee.
Colonial Life Insurance Products – Please call PGB’s Employee Services within 30 days of your date of hire and a PGB Benefits Representative will help you enroll in benefits. The Employee Services number is 800-387-5955.
Health Savings Accounts and Flexible Spending Accounts - You will be able to enroll during the next Annual Enrollment period.
Be sure to also review your group’s custom benefits microsite, that allows for easy, year-round access to benefit information, live chat support, benefit explainer videos, plan certificates and documents, and carrier contacts and forms.
Flexible Spending Account (FSA)
An account for setting aside tax-free money for healthcare expenses.
Use the below information to determine if a Flexible Spending Account (FSA) is right for you and how to best take advantage of an FSA account.
How It Works
When you enroll in a Flexible Spending Account (FSA) you get to experience tax savings on qualified expenses such as copays, deductibles, prescriptions, over-the-counter drugs and medications, and thousands of other everyday items.
Can I have an FSA and an HSA?
You can’t contribute to an FSA and HSA within the same plan year. However, you can contribute to an HSA and a limited purpose FSA, which only covers dental and vision expenses.
As per IRS Publication 969, an employee covered by an HDHP and a health FSA or an HRA that pays or reimburses qualified medical expenses generally can’t make contributions to an HSA. An employee is also not HSA-eligible during an FSA Grace Period. An employee enrolled in a Limited Purpose FSA is HSA-eligible.
As a married couple, one spouse cannot be enrolled in an FSA at the same time the other is contributing to an HSA. FSA coverage extends tax benefits to family members allowing the FSA holder to be reimbursed for medical expenses for themselves, their spouse, and their dependents.
The Value & Perks
– Election Accessibility: You will have access to your entire election on the first day of the plan year.
– Save On Eligible Expenses: You can save up to 40% on thousands of eligible everyday expenses such as prescriptions, doctor’s visits, dental services, glasses, over-the-counter medicines, and copays.
– Keep More Money: The funds are taken out of your paycheck “pre-tax” (meaning they are subtracted from your gross earnings before taxes) throughout the course of the year. Let’s say you earn $40,000 a year and contribute $1,500 to an FSA; so, only $38,500 of your income gets taxed. That means you are increasing your take-home pay simply by participating!
– Easy Spending and Account Management: Employees will receive an WEX Health Debit Card linked to their FSA. Employees can use their card for eligible purchases where accepted. Account information can be securely accessed 24/7 online and through the mobile app.
Eligible FSA Expenses
The IRS determines what expenses are eligible under an FSA. Below are some examples of common eligible expenses:
– Deductibles
– Copays
– Prescriptions
– Teeth cleaning
– LASIK
– Glasses and contact lenses
– Band-aids
– Sunscreen
– Over-the-counter medicine (prescription required)
– Feminine menstrual care
Comprehensive list of eligible expenses can be found at www.flexfacts.com.
Helpful Hints
– Your election can only be changed during the plan year if you experience a qualifying event.
– Save your receipts. You may need itemized invoices to verify card swipes or for claim reimbursements.
– If your employment terminates, your account will be terminated.
– Up to $680 of unused funds will rollover into the next plan year. Unused funds over this amount will be forfeited at the end of the plan year.
– Reminder: You can’t contribute to an FSA and HSA within the same plan year.