Page 17 - Work Force November 2023

Important dates to remember for 2024
Now is the time to consider your NYSHIP health option for 2024. The 2024 “Planning for Option Transfer” publication was recently mailed to NYSHIP enrollees’ homes and includes information about the upcoming Option Transfer Period.
The annual Option Transfer Period is when NYSHIP enrollees can make changes to their
2024 NYSHIP option.
The “Health Insurance
Choices” guide for
2024 contains a more
detailed comparison
of NYSHIP benefits.
The Choices guide is
available from your
agency health benefits administrator (HBA).
In addition to
considering your health
plan option, this is the time to review health care expenses for next year.
Do you currently participate in the Flex Spending Account (FSA) or the Productivity Enhancement Program (PEP)? If not, now is the ideal time to get more information about these cost- saving benefits as enrollment begins in
November. Enrollment is time sensitive and end dates vary.
Flex Spending Account Open Enrollment Period: Nov. 1 to Dec. 11, 2023
The Flex Spending Account 2024 plan year will begin on Jan. 1, 2024. The Flex Spending Account (FSA) is
a negotiated employee benefit for state employees. A flex spending account offers
a way to pay for your dependent care, health
care expenses or adoption expenses with pre-tax dollars. If you are currently enrolled
in the FSA program, you must re-enroll to continue
your participation in 2024. The Flex Spending Account
website at https://oer.ny.gov/fsa or hotline at (800) 358-7202 contains more information about eligibility and program rules.
Productivity Enhancement Program Enrollment Period: Nov. 1 to Dec. 11, 2023
The Productivity Enhancement
Program (PEP) allows eligible full and part-time state employees to exchange previously accrued annual and/
or personal leave for a credit to be applied toward their NYSHIP premium. If you are eligible and elect this program, the credit will be included in your biweekly paychecks and divided evenly during the plan year.
For calendar year 2024, CSEA
active state members can receive
up to a $800 credit or $1,600 credit determined by salary grade and number of days forfeited. To elect PEP for 2024, you must apply between Nov. 1 and Dec. 11, 2023. Ask your agency health benefits administrator for details and an application. If you are currently enrolled in PEP and remain eligible, you must reenroll to continue receiving in 2024.
PTCP Election Period: The PTCP Election Period will run concurrently with the official NYSHIP Option Transfer Period, date to be announced.
The Pre-Tax Contribution Program is a voluntary program that allows your share of the health insurance premium to be deducted from wages before taxes are withheld. In exchange
for this reduction in tax liability, you agree to maintain the same pre-tax health insurance deduction for the entire plan year, unless you experience a qualifying event and provide timely notification. Participation in the PTCP can be chosen when first eligible for health insurance benefits and may also be selected to participate or decline participation in PTCP each year during the PTCP election period.
Requests made during the PTCP election period become effective at the beginning of the 2024 plan year. If you want to change your PTCP election for 2024, complete a NYS Health Insurance Transaction Form PS-404 and submit
it to your agency health benefits administrator before the PTCP election period deadline. Per IRS rules, this election period is the only opportunity to change your PTCP status for 2024; arbitrary, mid-year status changes are not allowed. Should a qualifying PTCP event occur mid-year, any request to change your NYSHIP coverage must
be consistent with a PTCP qualifying event and submitted within 30 days of the event (or within the waiting period, if newly eligible). No action is required to keep your current PTCP status.
Flex Spending Account update The Flex Spending Account (FSA) Put simply, if you contribute pre-tax
is a negotiated state employee dollars into your FSA account and • benefit that helps you save money by then do not have enough eligible
allowing you to pay certain expenses expenses during the plan year to
with pre-tax dollars. The Health Care equal the amount you contributed,
Spending Account, the Dependent you may lose the balance remaining Care Advantage Account and the in your account when the plan year Adoption Advantage Account are ends.
benefit programs available under New
York State’s FSA. Important information about the The state’s FSA Open Enrollment Flex Spending Accounts:
eligible purchases and charges. The 2024 HCSA will include the maximum carryover of 2023 remaining balances. After the run-out period ends on March 31, 2024, up to $600 of funds remaining in the account will be transferred to the 2024 account for use anytime during the 2024 year. Monies carried over are not included in the maximum contribution limit.
be available in 2024
• The 2024 DCAA will include
a grace period. The grace period allows an additional 2.5 months to incur dependent care expenses. Any remaining 2023 funds can be used to pay for expenses incurred between Jan. 1, 2024, and March 15, 2024.
Adoption Advantage Account (AAA) – Eligible employees may contribute up to $15,950 in the AAA for 2024 plan year. Contributions are made through pre-tax payroll deductions and may be used for expenses related to the adoption of an eligible child.
Get more information about the state’s FSA programs by calling the FSA hotline at (800) 358-7202 or visiting https://oer.ny.gov/fsa.
Campaign for the 2024 plan year
will begin November 1 and end on Dec. 11, 2023. Total Administrative Services Corporation (TASC) is the administrator of the state’s FSA programs. TASC handles enrollments for the 2024 plan year and processes the run-out claims for the 2023 plan year.
Because of the tax advantages of the FSA, the Internal Revenue Service (IRS) has strict guidelines for its use. One of these guidelines is commonly known as the “use it or lose it” rule.
Health Care Spending Account (HCSA) – Contributions to the HCSA are made through pre-tax payroll deductions and may be used for eligible healthcare expenses that are not covered by a health plan.
• The maximum annual contribution to the HCSA is $3,050 – this maximum is subject to update by the federal government.
• Employees will continue to access a debit card for use for
Dependent Care Advantage Account (DCAA) – Up to $5,000
per year, per household can be contributed in the DCAA through pre- tax payroll deductions for elder care, disabled dependent care, or child care expenses.
• After eligible services have been received, the employee submits for reimbursement.
• The DCAA employer contribution will continue to
November 2023
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