Enroll and Save Money in 2016
Lower HCSA Minimum, New Vendor, and Lower Fee!
How does a FSA work? Watch this Video.
Enrollment in the GIC’s pre-tax program Flexible Spending Account (FSA) that saves state employees on average 25% of each dollar contributed, takes place in the Fall for 2016 calendar year benefits. There are two options:
Health Care Spending Account
Health Care Spending Account (HCSA) Almost all state employees should consider enrolling in this benefit. Pay for your out-of-pocket health care expenses on a pretax basis:
- Physician office and prescription drug copayments
- Medical and dental deductibles and copayments
- Eyeglasses, prescription sunglasses and contact lenses
- Orthodontia, hearing aids and durable medical equipment
All active state employees who are eligible for GIC health benefits are eligible to enroll in the HCSA program.
Want to Start Small? HCSA Minimum Now Lower
Contribute as little as $250 to the HCSA program. This minimum has been reduced from $500, allowing more employees to try this money-saving program. The IRS increased the maximum allowance on October 30, 2014; you may elect to contribute up to $2,550 for 2015.
Dependent Care Assistance Program
Dependent Care Assistance Program (DCAP) Pay up to $5,000 on a pre-tax basis for day care, after-school programs, elder day care and day camp expenses that enable you (and your spouse if you have one) to work. These expenses are generally for a dependent under age 13, but can also be for an older live-in adult who is incapable of self-care. Active state employees, including contractors, who work half-time or more and have DCAP-eligible employment-related expenses are eligible to enroll in the DCAP program.
How Does the Program Work?
Make your election for the year and it’s put into your HCSA and/or DCAP account. With the HCSA program, you and your eligible dependent will receive a free debit card to conveniently pay for out-of-pocket health care expenses as you incur eligible costs. Alternately, you can pay for the expenses and then submit a claim form with receipt to receive reimbursement by check or direct deposit, depending on which option you have elected. For DCAP, obtain the dependent care provider’s signature on the claim form and get reimbursed.
ASIFlex has a mobile app that makes claims submission fast and convenient. Simply take a picture of the receipt or other documentation, such as your plan’s Explanation of Benefits, with your mobile device’s camera, attach and send with the claim.
The monthly administrative fee for HCSA only, DCAP only, or HCSA and DCAP combined is $2.50 on a pretax basis effective January 1, 2015.
2 ½ Month Grace Period
You have until March 15, 2016, to incur claims and until April 15, 2016, to submit claims for your 2015 election. As always, it’s important to estimate your elections carefully as the Internal Revenue Service requires that unused funds be forfeited after the grace period.
Enroll No Later Than the end of Open Enrollment
Don’t miss out on this chance to save money by enrolling in one or both FSA programs. Enroll no later than the end of the fall 2015 Open Enrollment, for your 2016 benefits. Current participants must re-enroll each year; follow the online enrollment instructions on the forms section of our website. New participants complete and return to your Payroll Coordinator the enrollment form, also on the forms section. For additional details, call ASIFlex at 1.800.659.3035.
This information provided by the Group Insurance Commission .
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