Flexible Spending Accounts

Section 125 of the Internal Revenue Service code allows employees to pay for their portion of medical plan premiums and specific eligible expenses with pre-tax dollars. This salary reduction actually increases take-home pay because the employee is saving Federal and FICA taxes. There are two types of Flexible Spending Accounts, Health Care Reimbursement and Dependent Care Reimbursement.

Health Care Reimbursement accounts are funded each year with amounts pledged by the employee and deposited on a pre-tax basis. As medical expenses are incurred, the funds are withdrawn from the account to reimburse the employee.  Funds not used by the end of the calendar year may roll over up to $500 of unused amounts.  These amounts can be used during the following Plan year for expenses incurred in that Plan year.

The OBBT plan allows member banks to determine the plan limit (up to the max limit of $2,700) and the means by which employees are reimbursed, either through claim streamlining, or automatic reimbursement, or via debit card.

Dependent Care Reimbursement accounts are also funded each year by amounts pledged by the employee and deposited on a pre-tax basis. The annual limit is $5,000. Funds can only be used for reimbursement of expenses for dependent care that allow the employee to work. Funds not used by the end of the calendar year are forfeited. The OBBT plan allows member banks to determine the plan limit. Currently, the only means by which employees are able to be reimbursed is through paper claim submission.

Participants in the OBBT Flexible Spending Accounts can manage their accounts online.  They can calculate savings, view account balances, review recent activity, and explore eligible expenses through Anthem's secure, personalized member portal.

Disability Income Insurance

The OBBT has contracted with an outside vendor to provide valuable income protection.  Short term and long term disability income plans are available at various benefit levels to assist member banks in meeting their employees’ financial needs.

Short-term Disability (STD)

• 13 or 26 weeks benefit duration options
• 50%, 60% or 66-2/3% weekly income benefit plans
• Maternity leave coverage
• Partial disability benefit

Long-term Disability (LTD)

• 30 to 180-day elimination period options
• 50%, 60% or 66-2/3% weekly income benefit plans
• Partial disability benefit
• Survivor benefit
• Non-medical issue

The OBBT would be pleased to consider custom alternatives in addition to the above plan design options.

Member banks enrolled in either the STD or LTD plans can confidentially update employee records/status, initiate STD claims, and view premium statements online through the Sun Life web site by registering for a secure access account.

Voluntary Benefit Plans

The OBBT is proud to offer its member banks voluntary plans at no additional cost to them.  These plans provide employees with the opportunity to purchase specialized benefit plan coverage through the convenience of payroll deduction.   

• Life Insurance – Term or Universal
• Disability – 6 or 12 month plan options
• Cancer Insurance – individual or family plans
• Critical Illness Benefits