Now that all districts in New Jersey are required to offer flexible spending accounts for school employees, NJSBA encourages boards to consider using the AxisPlus benefits program. As a service to school districts, AxisPlus is designed to provide customer service at below-market prices through a program that saves money both for the employee and for the school district.
Flexible spending accounts allow an employee to set aside a portion of their paycheck for certain medical, dental, or qualified expenses, as well as dependent care accounts for qualified daycare expenses. Money deducted from an employee’s wages into a flexible spending account is not subject to payroll taxes, saving the employee money on federal taxes, including FICA taxes.
The cost for the program is below the current market rates being charged by for-profit providers. In addition, AxisPlus comes with a money-back guarantee – if after a year, a district is dissatisfied with the program, all charges paid for the service will be refunded.