Tax$ave, a benefit program available under Section 125 of the Federal Internal Revenue Code, allows eligible full time employees to set aside before-tax dollars to pay for certain medical and dental expenses, thereby saving you money by avoiding federal taxes.. An eligible employee is any employee who is eligible to participate in the State Health Benefits Program. The components of Tax$ave are:
- The Premium Option Plan (POP) allows employees to pay any State Health Benefits Program medical and/or dental premiums they have with before-tax dollars.
- The Unreimbursed Medical Spending Account Plan (UMSA) allows employees to set aside money to pay for qualified medical and dental expenses not paid by any group benefits plan under which they or their dependents are covered.
Please keep in mind reimbursement requests for the Medical Expense Spending Accounts must be submitted no later than March 15 following the end of the calendar year for which the account was set up. Any monies in your account not claimed by March 15 will be forfeited; therefore, it is critical that reimbursement requests be submitted timely, as soon as possible after the expense is incurred.
WageWorks is administering the Unreimbursed Medical Spending Account for the Division of Pensions and Benefits.
Additional Information about the Tax$ave program is available from the following sites: