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The Federal Flexible Benefits Plan ("FedFlex") enables eligible employees to pay for certain out-of pocket expenses with pre-tax dollars. The initial FedFlex benefit, Health Benefits Premium Conversion (HB-PC), was implemented in October 2000. In 2003 OPM expanded FedFlex by offering Flexible Spending Accounts (FSAs). These benefits are available to current employees only — by law they do not apply to annuitants.
Flexible Spending Accounts
During Open Season (which coincides with FEHB Open Season) employees can set up a health care FSA to use for out-of-pocket costs including co-payments and deductibles, and for health care expenses not covered by insurance, such as dental services and eye-care.
Employees can also set up an account for dependent care expenses for children and aging parents.
Premium Conversion
Premium conversion allows employees to pay their share of FEHB premiums using pre-tax dollars.
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