FlexCash is an optional benefit plan that allows you to waive Foundation provided medical and/or dental insurance plan(s) in exchange for cash if you have other non-Foundation coverage. If you waive your medical and/or dental plan(s), you will receive additional cash in your biweekly paycheck (not to exceed the *monthly maximum).
The FlexCash payment is treated as taxable income and will be subject to the same payroll taxes (federal, state, social security) as regular payroll. All Flex Cash payments will be reported as income on your Form W-2 in the year it is received.
You need to make sure your health and dental needs are met before you elect the FlexCash Plan. If you decide not to keep medial and/or dental coverage(s), you will be required to certify on the FlexCash enrollment form that you have alternative non-Foundation medical and/or dental coverage(s).
If you elect to receive cash in lieu of medical and/or dental coverage(s), the following biweekly cash payments will be available:
Waive both medical and dental = $70 per pay period (not to exceed $140 / month)
Waive medical only = $64 per pay period (not to exceed $128 / month)
Waive dental only = $6 per pay period (not to exceed $12 / month)
If you meet the eligibility requirements for Foundation providedmedical and dental benefits, you are eligible for FlexCash if you have other non-Foundation coverage. If you are covered as a dependent of another Foundation employee, you are not eligible to participate in the FlexCash Plan. In other words, your other coverage must be through an individual policy, private industry coverage or public employment outside of the Foundation.
You may enroll in the FlexCash Plan during the regular open enrollment period for Flexible Spending Account which is November 1-30. The coverage effective date will be January 1st.
If you do not enroll in FlexCash during the open enrollment, you may enroll during the plan year (January 1 through December 31) only if:
You are a new employee hired after the open enrollment period and you meet medical and/or dental eligibility.
You were on an approved leave of absence during the enrollment.
You experience a family status change as defined in this FAQ flyer
You need to complete the FlexCash Enrollment Authorization to enroll. When you sign the form, you are certifying you are covered by another non-Foundation medical and/or dental plan(s) and you agree to the terms and conditions of the FlexCash Plan. When you enroll in the FlexCash Plan, you will also need to complete forms to cancel the corresponding medial and/or dental coverage(s). Your enrollment in the FlexCash Plan will continue from year to year until you change or terminate your enrollment.
Your FlexCash election will be in effect for a full plan year – January 1 through December 31. It will continue each plan year, unless you complete forms to elect medical and/or dental coverage(s) during subsequent open enrollment periods or within 60 days of a family status change. At the time, you will have to complete a FlexCash form to change or cancel your Flexcash amount in addition to the required medical and/or dental forms.
You may not start or stop your FlexCash election in the middle of a plan year, except for allowable family status changes as defined by IRS regulations. IRS regulations also require that changes in FlexCash elections must be necessary or appropriate as a result of the family status changes. The enrollment changes must be requested within 60 days of the status change.
If allowable family status changes occur, you can make the following changes by completing new enrollment forms within 60 days of the status change:
If you elected cash, you can now elect medical and/or dental coverage(s).
If you kept your medical and/or dental plan(s), you can now elect cash.
Allowable family status changes include:
Marriage or divorce;
Death of a spouse or dependent (or loss of dependent status);
Birth or adoption of a child;
Termination or commencement of your spouse's employment
Change from full-time to part-time employment (or vice versa) by either you or your spouse if that change affects your medical and/or dental coverage(s);
Starting or returning from an unpaid leave of absence by either you or your spouse;
Gain or loss of alternative non-Foundation coverage; or
A significant change in the alternative non-Foundation coverage.
If you elect to participate in the FlexCash Plan and waive coverage under the medical and/or dental plan(s), you also waive any Consolidated Omnibus Budget Reconciliation Act (COBRA) continuation rights you may have had under the medical and/or dental contract(s). Refer to the appropriate benefit plan booklet for continuation coverage information.
If you are on a paid leave you may continue to receive your biweekly payments upon approved leave. If you are on a non-paid leave your Flex Cash will discontinue. The Flex Cash Plan will resume upon return from leave of absence.
If you decide to retire while enrolled in the FlexCash Plan, you will have 30 days following retirement to enroll in any PERS medial plan. If you do not enroll within the specified time period, you must wait until the next annual PERS health open enrollment.
If you are married and you waive medical and/or dental coverage(s) under the FlexCash Plan and you subsequently die without coverage, your surviving spouse will not have medical and/or dental continuation rights through the Foundation.
