Consider flexible spending accounts for 2015 health expenses Editor’s Note: The following information is intended for CSEA represented state Executive Branch enrollees — enrollees employed by the State of New York covered by one of the following CSEA collective bargaining agreements: Administrative Services Unit, Institutional Services Unit, Operational Services Unit or the Division of Military and Naval Affairs. As the end of the calendar year approaches, enrollees should start thinking about their expenses for the following year. Do you participate in the Flex Spending Account? If you don’t, now is the ideal time to get more information about this cost-saving benefit. The Flex Spending Account is a negotiated employee benefit that helps state employees save money on their taxes by allowing them to pay for certain expenses with pretax dollars. There are two benefit programs under the Flex Spending Account to help you keep more of your paycheck: the Health Care Spending Account (HCSAccount), which allows employees to pay for healthrelated expenses (including medical, hospital, laboratory, prescription drug, dental, vision, and hearing expenses that are not reimbursed by your insurance or other benefit plans); and the Dependent Care Advantage Account (DCAAccount), which allows employees to pay for dependent care (child care, elder care or disabled dependent care) required for an employee or spouse to work. Enrollees should carefully estimate eligible expenses in an effort to determine appropriate contribution amounts to your Flex Spending Account. Under federal law, any money that is deposited into your Flex Spending Account must be used for expenses incurred during the plan year in which it was contributed. More detailed information regarding the Flexible Spending Account programs, including enrolling online, frequently asked questions and information on how to calculate your out-of-pocket expenses can be obtained online at www.flexspend.ny.gov, or by calling 1-800-358-7202. Specific information about the HCSAccount for plan year 2015 • The 2015 open enrollment period will run from Oct. 6 through Nov. 7, 2014, and is strictly enforced; • HCSAccount minimum contribution is $100 and maximum annual contribution is $2,500; • Some examples of eligible expenses include chiropractic care, contact lenses, co-payments, deductibles, hearing aids, laser eye surgery, over-the-counter drugs (must be prescribed by a doctor), wheelchairs and more. October 2014 The Work Force 15
Oct_14_WF
To see the actual publication please follow the link above