Give Today! Support Randolph College
AboutAdmissionUndergraduateGraduateAcademicsUndergraduateGraduateStudent LifeAthleticsOutcomesAlumnae & AlumniParents & FamiliesInside RandolphAPPLYREQUESTVISITNEWSEVENTSSupport RandolphSearch

Flexible Spending

Randolph College’s Flexible Benefit Plan has three types of accounts:

  1. Health Reimbursement Plan
  2. Dependent Care Assistance Account
  3. Premium Expense Account

Healthcare Reimbursement Plan

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.

Below are some examples of qualified expenses.  The list is not intended to be comprehensive, but it contains some of the more common medical expenses.

medical co-payments, deductibles, dental examinations and fees (cosmetic procedures not eligible), dentures, orthodontic services, eye exams and surgery, eye glasses prescribed by your doctor, contact lenses and solutions, prescriptions, medical supplies (syringes, needles, etc.), medical equipment (crutches, wheelchairs, etc.), chiropractic services, psychiatric care and psychologist’s fees, hearing aids and batteries, prescribed smoking cessation programs and drugs, weight-loss programs and over-the-counter drugs only prescribed by the doctor with note of medical necessity, X-rays, lab fees, ambulance fees.

Dependent Care Account

This account enables the employee to pay for out-of-pocket, work-related dependent day-care costs with pre-tax dollars.

  1. The expenses are incurred for services rendered after the date of this election and during the Plan Year to which it applies.
  2. Each individual for whom you incur the expense is:
    1. a dependent under age 13 whom you are entitled to claim as a dependent (or a child or other dependent under age 13 whom you are supporting but are not entitled to claim as a dependent only because of a written declaration or decree of divorce) on your federal income tax return, or
    2. a spouse or other tax dependent (or a child you are supporting but are not entitled to claim as a dependent only because of a written declaration or decree of divorce) who is physically or mentally incapable of caring for himself or herself.
  3. The expenses are incurred for the care of a dependent described above, or for related household services, and are incurred to enable you to be gainfully employed.
  4. If the expenses are incurred for services outside your household, they are incurred for the care of a dependent who is described in 2(a) above, or who regularly spends at least 8 hours per day in your household.
  5.  If the expenses are incurred for services provided by a dependent care center (i.e., a facility that provides care for more than six individuals not residing at the facility), the center complies with all applicable state and local laws and regulations.
  6. The expenses are not paid or payable to a child of yours who is under age 19 at the end of the year in which the expenses are incurred.
  7. The expenses are not paid or payable to an individual for whom you or your spouse is entitled to a personal tax exemption as a dependent.

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.

Below is an example of how participating in flex can increase your take home pay.

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 pretax -$210
Health & daycare expenses pretax -$100
Adjusted earnings $1,190
FICA, federal, state taxes -$161
Net Pay With The Plan $1,029

 

  • Randolph College is a private liberal arts college in Lynchburg, Virginia attracting students from Virginia, Maryland, North Carolina, and beyond. We provide a rigorous academic program that features small classes with top-ranked professors and hands-on, experiential learning.

  • Employment Application

  • Facebook Twitter Instagram LinkedIn YouTube RSS Feeds Snapchat