Health Care Account. An eligible employee may elect to have a specified amount withheld on a pre-tax basis from each pay, up to the annual maximum, to be used for reimbursement of medical expenses which are not covered by insurance. Eligible expenses are those currently recognized as deductible for Federal Tax purposes, except mileage and parking. Funds which are withheld must be reimbursed for expenses incurred in the Plan year in which they are withheld or, the grace period, or under current IRS rules, the unused funds will be forfeited.
Health Care Account. An eligible employee may elect to have a specified amount withheld on a pre-tax basis from the first two paychecks of each month, up to the annual maximum, to be used for reimbursement of medical expenses which are not covered by insurance, in accordance with the plan and IRS regulations. Eligible expenses are those currently recognized as deductible for Federal Tax purposes, except mileage and parking. Funds which are withheld must be reimbursed for expenses incurred in the Plan year in which they are withheld or, within the first two (2) months of the next plan year (carryover), or under current IRS rules, the unused funds will be forfeited.
Health Care Account. Bargaining Unit members may elect to have a specified amount withheld on a pre-tax basis from each paycheck, up to the annual maximum allowed by the plan, to be used for reimbursement of eligible expenses which are not covered by insurance. Eligible expenses are those permitted by federal tax law, except mileage and parking. Funds which are withheld must be reimbursed for expenses incurred in the calendar year in which they are withheld, or, under current IRS rules, the unused funds will be forfeited by the individual. Assuming no negative balance, any excess funds attributable to Bargaining Unit members, at the end of a calendar year, will be applied to enhance wellness programs (e.g., the Employee Assistance Program), for the benefit of Bargaining Unit members.
Health Care Account. An eligible employee may elect to have a specified amount withheld on a pre-tax basis from the first two paychecks of each month, up to the annual maximum, to be used for reimbursement of medical expenses, which are not covered by insurance, in accordance with the plan and IRS regulations. Funds which are withheld must be reimbursed under current IRS rules.
Health Care Account. This is a special account where the money in the account may be used on a tax free basis for almost any un-reimbursed expense related to medical, dental, or vision coverage for you, your spouse, or your dependents. For example, you can use the money to be reimbursed for deductibles, co- insurance, and co-payments under an established plan (like the BIW healthcare program, or the LS6- sponsored union dental plan, or a plan through your spouse's employer), or for out-of-pocket expenses you have if you are not covered under an established plan. Contributions you make as a requirement to participate in a benefits plan, like payroll deductions for healthcare or dental coverage, are not eligible. You can establish your own account by setting aside a portion of your wages on a pre-tax basis during the annual open enrollment process conducted each Fall preceding the calendar year. If you elect to participate in this account, you must indicate so during the open enrollment and decide how much to contribute during that year. The minimum contribution is $100 and the maximum is $5,000. To make sure you put the right amount of money in your account during open enrollment, you need to estimate your expenses for the next year. If you put more money into the account than you have expenses for, any money remaining in your account by the end of the year will be forfeited. See the BIW Benefits Department for a complete list of eligible and ineligible expenses. You can only make changes outside of the open enrollment process during the year under certain rules. For those rules, see the "Changes During The Year" section under the Healthcare Program. No later than 2006, the Company will make available a debit card to each employee who participates in this account.
