Understanding flex credits
Each year Johnson & Johnson contributes to the cost of your benefits by:
- Paying for your automatic basic coverage
AND
- Providing you with flex credits – money you can use to help cover the cost of your flexible benefit coverage options
You receive flex credits based on two components:
- 0.15% of your benefit earnings
PLUS
- Your coverage status – in other words, whether you choose to opt out, cover just yourself, or cover yourself and your family
You use flex credits to pay for extended medical care and dental care coverage. The higher the option you choose, the more flex credits you will use.
As you choose the coverage that suits your needs, flex credits are automatically applied to cover the cost.
Make sure to hit the “Recalculate” button to see an accurate snapshot of how many flex credits you have left, and/or the payroll deductions required to cover your benefits if you run out of flex credits.
If you have flex credits left over after selecting your coverage options, you can put them in your Health Care Spending Account (HCSA), your Group RSP account or your Tax-Free Savings Account (TFSA), or take them as taxable cash.
