Common use of Health Care Expense Program Clause in Contracts

Health Care Expense Program. A Health Care Expense Program is available to District 68 teachers. The program includes premium conversion and a health care expense reimbursement account. Through this program, teachers may elect to have the cost of their District insurance premiums excluded from gross income for Medicare and income tax purposes. Benefit-eligible employees who are not participating in the High Deductible Health Plan (HDHP) may also contribute up to $2,500 per year to a Health Care Reimbursement Account which is excluded from gross income for Medicare and income tax purposes and can be used for qualified health care expenses. The premium conversion portion of the program covers the teacher share of dental and health insurance offered by the District. The medical expense reimbursement account may be used only for those expenses allowable as tax deductions by the Internal Revenue Service (IRS). Any amount not so used will revert to the District, as provided for in Federal regulations. This program is subject to IRS non-discrimination provisions of the Internal Revenue System (IRS) code. Therefore, if at any time the program does not meet these provisions, the amount deducted under the program may become subject to treatment under then- current IRS regulations.