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What is a Flex Plan?
A Flex Plan allows a participant to set aside dollars each year from their paycheck to pay for qualified health and dependent care expenses through a Section 125 Cafeteria Account. These dollars are deducted from wages before any income or social security taxes are paid. By using this tax savings plan, participants will notice an increase in take home pay and have access to a reimbursement account throughout the year to pay for qualified expenses. Employers will not have to pay FICA or FUTA taxes on dollars run through the plan. Additionally, employers have the option of adding on a defined contribution plan set-up and an online enrollment tool.