REMINDER: Last day to sign up for Section 125/AFLAC is Friday, November 7
The College offers a Section 125 option, allowing eligible staff members to pay with pre-tax dollars eligible out-of-pocket health care and/or child care costs. Participating employees can elect to set aside up to $2,500 for health care expenses and/or up to $5,000 for child care expenses on an annual basis. If you have a qualifying event, you may make changes to that amount. In late 2013, the IRS relaxed the “use it or lose it rule”. Participants who have $500 or less left over for 2014 can roll-over that amount and use those funds for eligible expenses in 2015.
Employees who want to continue or to begin setting aside pre-tax dollars though payroll deductions for unreimbursed medical expenses and/or child care MUST sign an election form for 2015 to continue or change their deduction. If a new election form is not signed during the designated enrollment period, no deductions may be made for unreimbursed medical or for child care expenses. If you are not presently participating in or choose not to participate in the Section 125 Plan, there is no need to attend a meeting for sign up.
The last day to sign up at ICC is:
Friday, November 7, from 8 am – 4 pm
East Peoria Campus, Academic Building, 211A
If you are unable to attend a sign up, you will need to make an appointment with Heartland Benefits Plans at (309) 697-2200 to sign your Salary Direction Agreement. You will not be able to sign up through the Benefits office.
The College’s health plan does not coordinate benefits with any of the other policies offered by AFLAC. Payment is made above and beyond the regular benefits payable under our health plan.
For more information, call Angie McElyea at (309) 694-5398 or Tim Anderson at (309) 694-8911.