Your employer may offer additional benefits like tax-advantaged accounts to help you pay for your out-of-pocket health care costs and voluntary life, illness and accident insurance to provide you a “safety net” and peace of mind when the unexpected occurs.
Confirm with your employer which benefits are available to you, and use the forms linked below to enroll.
Health care flexible spending account (FSA): An FSA is a tax-advantaged account that allows you to use pre-tax dollars to pay for eligible expenses. The funds in this account must be used within the plan year unless special provisions are applied by your employer. Concordia Plans offers FSAs through HealthEquity. For more information about HealthEquity FSAs, click here.
Limited-purpose flexible spending account (LPFSA): An LPFSA is a tax-advantaged account that allows you to use pre-tax dollars to pay for eligible dental and vision expenses. An LPFSA can be used alongside a health savings account (HSA). The funds in this account must be used within the plan year. Concordia Plans offers LPFSAs through HealthEquity. For more information about HealthEquity LPFSAs, click here.
Dependent care flexible spending account (DCFSA): A DCFSA is a tax-advantaged account that allows you to use pre-tax dollars to pay for eligible dependent care expenses. The funds in this account must be used within the plan year. Concordia Plans offers DCFSAs through HealthEquity. For more information about HealthEquity DCFSAs, click here.
Health savings account (HSA): An HSA is a tax-advantaged account that is paired with IRS qualified high deductible health plans. They allow you to use pre-tax dollars to pay for eligible expenses. HSA funds roll over year to year if you don't spend them. Concordia Plans offers HSAs through HealthEquity. For more information about HealthEquity HSAs, click here. Please keep in mind that total combined employer and employee contributions to an employee's HSA can't exceed the annual limit set by the IRS.
Accidental Death and Dismemberment (AD&D) Insurance: Your employer provides you with Basic Life Insurance through the Concordia Disability and Survivor Plan, but it may not be enough to meet your family’s
needs. Purchasing AD&D Insurance can provide extra financial help when needed most. The benefits payable is based on the severity of the injury. Click here to learn more about this benefit.
Supplemental Life Insurance: Supplemental Life Insurance is in addition to the Basic Life Insurance benefit provided through the Concordia Disability and Survivor Plan. The cost of this insurance will be payroll deducted.
The rates for this coverage vary by age group. Your group is determined based on your age as of Jan. 1 of the current calendar year. If your birthday this year puts you in the next age group (e.g., 30-34, 35-39), your rates will
increase on Jan. 1 in the following calendar year. Click here to view age groups and rates.
You may also purchase Supplemental Life Insurance for your spouse and child(ren). For help in calculating the amount of life insurance that is right for you, use this interactive tool.
Accidental Injury Insurance (AI): AI Insurance is available through Cigna and provides a lump-sum cash benefit for covered injuries and medical care related to an accident. Click here for a summary of the coverage.
Critical Illness Insurance (CI): CI Insurance is available through Cigna and can provide financial protection against out-of-pocket expenses related to a covered critical illness diagnosis. Coverage enables you to receive a lump sum cash benefit which you are then free to use as needed.
Rates vary by age group. Your group is determined based on your age as of Jan. 1, 2021. If your 2020 birthday puts you in the next age group (e.g., 30-34, 35-39), your rates will increase for 2021.
