A Flexible Spending Account (FSA) allows you to set aside money on a pre-tax basis for eligible out-of-pocket expenses for you and your eligible dependents. With a Flexible Spending Account, you can reduce your taxable income because payroll deductions are made on a pre-tax basis. Annual Enrollment for the new calendar year is held in November.
There are two types of Flexible Spending Accounts:
1. Health Care Spending Account or HCSA is for out-of-pocket healthcare expenses not paid by insurance, including exams, co-payments, deductibles, eyeglasses, contact lenses and dental expenses.
2. Dependent Care Assistance Program or DCAP is used for dependent care expenses you incur so you and your spouse can work, look for work, or attend school full-time (ex: day care for a child).
HCSA COBRA Application - Participants in the GIC Health Care Spending Account who leave state service or take an unpaid leave of absence during the Plan year may elect to continue to contribute to the Health Care Spending Account on an after tax basis under COBRA.
Contact Nancy Holsworth at x8083 with questions or additional information.