SECTION 125 AND FLEXIBLE SPENDING ACCOUNTS
Medical Plan Premium Deduction
You can elect to have your medical insurance contribution deducted from your check on a pre-tax basis. By selecting this option you will reduce your taxable income for the calendar year. If you elect to make your medical insurance contributions on a pre-tax basis, please complete the Medical Coverage section of the Salary Redirection Agreement.
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Aflac Salary Redirection Agreement (PDF)
> Aflac New York
Flexible Spending Account A flexible spending account enables you do redirect a portion of your salary to provide reimbursement for two specific types of expenses: dependent care and health care (unreimbursed medical or dental expenses). Before the beginning of each calendar year, during Open Enrollment, you must elect a specific dollar amount for one or both accounts. This annual election amount will be deducted in equal increments from your salary on a bi-weekly basis.
Redirecting part of your salary into a flexible spending account(s) means that your taxable income will be calculated after the elected amounts for dependent care and/or health care are deducted from your salary. You will not have to pay federal income tax, Social Security tax, and/or state tax.
IRS rules do not allow unused monies to be returned at the end of the plan year, amounts remaining will be forfeited.
> Flexible Spending Account Summary Plan Description (PDF)  |
