Commonwealth Credit Union, Kentucky’s largest credit union, is a benefit of your employment. It is a cooperative, not-for-profit financial institution owned and operated exclusively by its members. Commonwealth Credit Union has members from over 250 agencies in Kentucky and numerous State Government agencies.
Employee Benefits (continued)
Flexible Spending Account
KEHP offers two Flexible Spending Accounts (FSAs): a Healthcare FSA and a Dependent Care FSA. Both are tax free accounts which let you contribute pre-tax dollars through payroll deductions to pay for certain health care or dependent care expenses.
A Healthcare FSA allows you to pay for certain healthcare expenses such as prescription co-pays, deductibles, physician co-pays, and many others. You can contribute up to $5,000 per calendar year into the account. Any money not used for eligible expenses incurred during the calendar year will be forfeited, so plan your contributions carefully!
A Dependent Care FSA can be used to cover expenses for a family member who is considered a tax dependent. Examples of eligible covered expenses include: medical and prescription co-pays, certain dental fees, orthodontic treatment, vision fees and expenses, and medical equipment.
The Kentucky Employees’ Health Plan (KEHP) offers four health insurance plans. If you choose to waive health insurance coverage, KEHP offers two Waiver Health Reimbursement Accounts (HRAs). Information about the health insurance plans and Waiver HRAs can be found on the KY Personnel Cabinet’s website
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