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Maine School Management Association Group Insurance Trust administers a flexible benefits program which includes medical reimbursement, dependent care reimbursement and premium only accounts. This program is allowed under Internal Revenue Services rules and gives employees pre-tax benefits for contributions made to flex plan accounts. Increasingly, flexible spending accounts (FSA) are included in the choices of benefits available to employees because it gives the employee more choices about how to spend their insurance dollars.
Medical Care Reimbursement Account
Utilizing a medical reimbursement account (IRS section 125), an individual may be reimbursed for health care expenses, for both the individual and dependents, which are not covered or reimbursed by the individual’s insurance carrier. This account is used for reimbursements for health/dental deductibles, co-pays for doctor visits, co-pays for prescriptions, eye glasses, contact lenses and maintenance solutions. Click here for a list of covered and a list of non-covered expenses.
Under a medical reimbursement account, the employee will make an election and will have payroll deductions made to be placed in the account. As medical or dental bills come forward that require the employee to pay, the employee forwards the appropriate documentation to the fund administrator for payment from the individual’s account. The employer has the authority to set the maximum amount that an employee can contribute to a medical reimbursement account in any plan year. Click here for a Medical Care Expense Reimbursement Form.
Dependent Care Reimbursement Account
Dependent care reimbursement accounts allow members to set aside money for dependent care costs to be paid with pre-tax dollars. Under IRS regulations, a married individual may set aside up to $5,000 for dependent care expenses. Married couples, filing individual returns are limited to electing a maximum of $2,500. Dependent care expenses may include day care expenses, summer day camps and day care for a dependent adult. Click here for a Dependent Care Reimbursement Form and here for a Daycare Receipt.
A premium only account allows a member, who has to pay a portion of his/her medical and/or dental insurance premiums, the choice of having that contribution deducted from their paycheck prior to having federal and state income tax deductions calculated. Unlike medical and dependent care reimbursement accounts, the IRS has set no maximum limits on the amount an individual receive credit for under a premium only account.
*For any information about the flexible spending accounts, please contact Michelle Goocher at (207) 626-5465.
Be sure to mark your calendar for these upcoming events.
MSSA Annual Fall Meeting
October 25, 2017
44th Annual MSMA Fall Conference
October 26-27, 2017