Hornet Business "BEE" Informed!
News and notes from the desk of Tom Keeley
It's "Section 125" time!
Read along, watch the videos and follow these tips to make wise choices before you spend too much and perhaps not know what coverages you have.
ALSO: 2016 will be a short "Section 125" plan year: Beginning March 1 through December 31st. Beginning in 2017, all insurance coverages will begin January 1 and run through the calendar year. Everyone will be asked to review all of their choices each November!
Flex Spending Plan
Flexible Spending Account (FSA)
Plan 4 people! Listen carefully: You can only have a limited Flex (FSA) for vision, dental or child care if you have your own personal Health Savings Account (HSA)! You are not allowed to contributed for medical reimbursement in 2 different accounts in the same year!! Be careful or when you file your the information from your W2 in your taxes, you may be notified that 1 of the accounts requires you to be taxed! The IRS is watching!!