My
FAMILY
Dependent Care FSA
Dependent Care FLEXIBLE SPENDING ACCOUNTS
If you pay for day care, after school care, day camp or elder care for any of your dependents, you could be SAVING money on those costs! How? A dependent care Flexible Spending Account (or DCFSA), allows you to set aside pretax funds each paycheck to go toward your dependent care for the year.
How does this help? Your contributions are taken out of your pay before taxes are calculated, which reduces your taxable income. You also do not pay any taxes on funds you take out of the account for qualifying expenses. These tax advantages can save you 20-30% over paying for care with taxable funds.
Use your pre-tax dollars to pay for eligible dependent care costs, including:
- Wages paid to a babysitter so you can work (unless you claim the sitter as a dependent)
- Nursery school or day care center costs
- Elder care
- Wages you pay to someone for providing care for an eligible dependent (child under 13) or any dependent who is physically or mentally incapable of self-care
2024 IRS Contribution Limit:
- $5,000 married filing jointly or single and head of household
- $2,500 married taxpayers filing separate returns
FSATimeline
As mentioned, FSA’s have “use it or lose it” forfeiture provisions. You must use your FSA funds on qualified expenses in the year in which you contribute them or during a short grace period after that or they will be forfeited.
Please note: You cannot use your FSA debit card to pay for 2024 expenses incurred during the grace period in 2025. You must instead pay with another method and request reimbursement (a detailed receipt will be required). If you use your FSA debit card for charges incurred during the grace period, the charges will be applied toward your 2025 balance. Here’s a timeline you can follow for your FSA account:
- New Hire Enrollment: Elect if you want to participate in an FSA in 2024 during New Hire Enrollment. You must choose how much you want to set aside in this fund, up to $5,000 for married filing jointly and $2,500 for married filing separately.
- December 31, 2024: The day the FSA Plan year ends.
- March 15, 2025: Last day of the grace period to incur expenses for your 2024 elections. Any unused funds after this date will be forfeited.
- March 31, 2025: Last day to submit a reimbursement request for your 2024 expenses.
To access your FSA, go to benefitsolver.com and click on the “MyChoice Accounts” button on the homepage.
Group Basic LIFE & AD&D
The City of Abilene provides financial protection for you and your family in the event of death, accidental loss, or extended illness or injury. We provide some coverage at no cost to you (basic), and offer you the option to purchase additional coverage levels (voluntary). If you have elected medical insurance you are covered for up to $50,000, at no cost to you. If you choose to not be covered by the medical insurance, you are covered for $1,000.
Voluntary LIFE & AD&D Insurance
You can purchase Voluntary Life and Accidental Death and Dismemberment (AD&D) Insurance for yourself and your eligible dependents using post-tax dollars.
Designate or update your beneficiaries Life insurance benefits are paid to the person you name as your beneficiary. During your enrollment, take a moment to designate your beneficiary.
Life/AD&D Details/Guaranteed Issue details You can elect up to the following amount without needing to complete Evidence of Insurability (EOI). If you are already above that amount, that amount will be grandfathered in up to the new maximum.
- Employee Life: Guarantee issue of $350,000; maximum election $750,000
- Spouse Life: Guarantee issue of $50,000; maximum election $250,000
- Child Life: elect $10,000, $15,000 or $20,000
- Employee and Family Life and AD&D: $500,000 employee ($350,000 spouse/$50,000 child max.)
MONTHLY COST
CHILD TERM LIFE VOLUNTARY AD&D
$10,000 for $1.30 Rate per $1,000
$15,000 for $1.95 Employee: $0.035
$20,000 for $2.60 Family: $0.06*
* Premium insures all eligible children
Voluntary DISABILITY Insurance
Disability insurance provides financial protection if you are unable to work due to a serious illness or injury. Short-Term and Long-Term Disability provide coverage for different periods of time, both providing the peace of mind that comes from knowing your family is protected.
The Short-Term Disability policy covers 60% of earnings for up to 90 days after a 14-day waiting period.* Maternity coverage is included. Rates are based on your income and age, and are priced in $10 increments.
Long-Term Disability coverage, also 60% of earnings, begins after 90 days. Maximum coverage extends to retirement age.* Rates are based on your age and percentage of earnings.
*Waiting periods, minimum and maximum benefits, and other conditions apply. For full details, see the Summary Plan Description.
