The pre-tax benefits offered by SEGIP can provide you with substantial tax savings by paying your health and dental plan premiums, eligible dependent day care, medical, dental, and transportation expenses with pre-tax dollars.
Your taxable income--and your taxes--are reduced. Because you pay less in taxes, your net income may be greater. Many employees can save a substantial amount.
It's important to understand how pre-tax plans work so that you can take full advantage of the benefits available to you.
One important rule to understand is the IRS "use it or lose it" rule.
Because of the tax advantages of the pre-tax benefits, any contributions to Medical/Dental and Dependent Care pre-tax expense accounts that remain unclaimed by the end of a year will be forfeited.
Be sure you fully understand this risk before you enroll in a pre-tax account.
Pre Tax Insurance Details
Benefits Overview: Overview of MMB’s Pre-Tax Benefits
FAQs: 121Benefits' Pre-Tax frequently asked questions
Benny Card Overview: MMB’s website summarizing the OneCard benefit information
Types of Pre-Tax Accounts: Flexible Benefits & Transit Expense Plan (PDF)