Flexible Spending
Randolph College's Flexible Benefit Plan has three types of accounts:
- Health Reimbursement Plan
- Dependent Care Assistance Account
- Premium Expense Account
Healthcare Reimbursement Plan
The plan reimburses employees' for healthcare expenses that are not covered by insurance.
Each pay the employee sets aside money, before taxes. During the year, the plan reimburses the employee from his/her account for any qualified healthcare expenses that are not covered by the insurance.
Dependent Care Account
This account enables the employee to pay for out-of-pocket, work-related dependent day-care costs with pre-tax dollars.
An eligible dependent is any member of your household for whom you can claim expenses on Federal Income Tax "Credit for Child and Dependent Care Expenses." Children must be under age 13.
Premium Expense Account
This account allows you to use tax-free dollars to pay for health insurance.
If you are covered under Randolph College's health plan, you are automatically enrolled in this account. If you do not wish to participate, contact Human Resources.
Take Home More Money in Your Paycheck
Listed below is an example of how an employee's take home pay can increase as a result of participating in an FSA.
| Your Paycheck Without A Plan | |
| Salary per month | $1,500 |
| FICA, federal, state taxes | -$ 233 |
| Insurance premium | -$210 |
| Health & daycare expense | -$100 |
| Net Pay Without A Plan | $957 |
| Your Paycheck With A Plan | |
| Salary per month | $1,500 |
| Insurance premium ** | -$210 |
| Health & daycare expenses ** | -$100 |
| Adjusted earnings | $1,190 |
| FICA, federal, state taxes | -$161 |
| Net Pay With The Plan | $1,029 |
** Paid through the FSA plan.
Filing For Reimbursement
- From the Portal, click on "Pay & Benefits" and then "Flex". There you will complete and submit the form. The Reimbursement Claim Form
will be used only for participants without internet access and partipants of the Dependent Care plan. - Attach receipts to claim form. (Receipt must show the date and type of service for the expense.)
- Canceled checks, credit card slips, or statements showing balance due on your account are not allowable/sufficient.
- Make a copy of claim form and supporting documentation before sending through mail.
- Send your request to the Business Office - Attention Human Resources.
Reimbursement Worksheets and Forms
