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Open Enrollment for GIC’s Pre-Tax Flexible Spending Accounts (FSAs) Health Care Spending Account (HCSA): Pay for your out-of-pocket medical expenses on a pre-tax basis. Examples include:
Active state employees eligible for GIC health benefits are eligible for this program. ELECTION AMOUNT, REIMBURSEMENT AND FEE HCSA: Before you enroll, estimate your out-of-pocket medical costs to determine your annual election of $500 to $2,500. All HCSA participants automatically receive a free SHPS Spending Account Card to conveniently pay for eligible expenses. Alternately, as you incur expenses, submit a claim form and receipt to SHPS, the program administrator; they will deposit the reimbursement to your bank. DCAP: Elect an annual election of up to $5,000. As you incur expenses, submit a claim form and receipt to SHPS, the program administrator. They will deposit the reimbursement to your bank.Estimate your election carefully: It is important to estimate your expenses carefully, as the Internal Revenue Service requires that any unused funds in a participant's account at plan year-end be forfeited. There’s a two and a half month grace period after year end to use up these funds. Enrollment and Additional Details For additional details and the enrollment form, see your Payroll Coordinator or the HCSA or DCAP sections of this site. If you are a current participant, re-enroll online during the open enrollment period. |
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