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. The limit is currently $ 2,500 annually.
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). The limit is currently $5,000 annually.
These programs are administered by Benefit Strategies.
If you are enrolling for the first time, complete the Flexible Spending Account Enrollment Form and return it to your Human Resources Benefits Coordinator.
Claim Form - Use this form to submit HCSA and DCAP claims for reimbursements.
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 Danielle Drabble Almeida at x8083 with questions or additional information.