Today's MessagePosted: Tuesday, November 5, 2019
Flex-Spending Account Open Enrollment Ends Friday
The open enrollment period for the 2020 NYS Flex Spending Account (FSA) closes at 10:00 p.m. Friday, November 8. The account offers three benefits: the Health Care Spending Account (HCSAccount), the Dependent Care Advantage Account (DCAAccount), and the Adoption Advantage Account.
The HCSAccount allows employees to set aside from $100 to $2,700 annually in pretax salary to pay for health-care expenses not reimbursed by health insurance.
The DCAAccount allows employees to set aside up to $5,000 annually in pretax salary for eligible child care, elder care, or disabled dependent care expenses. The DCAAccount employer contribution will be available to M/C employees and those represented by CSEA, PEF, UUP, NYSCOPBA, and GSEU for the 2020 plan year.
The Adoption Advantage Account allows employees to set aside up to $14,080 in pretax salary to pay for expenses related to the adoption of an eligible child.
Employees who do not work for 26 pay periods should consider electing a shorter time frame for their deductions so they do not lose coverage while off the payroll. For example, faculty members who are not paid through the summer should elect to have all deductions taken in the spring semester in order to have coverage for all of 2020.
Participants currently enrolled in the HCSAccount or DCAAccount must re-enroll to continue benefits in 2020.
Paperless enrollment is quick, easy, and secure. Program details and enrollment information are available on the Flexible Spending Account website or by phone through the FSA hotline at (800) 358-7202.
The November 8 deadline for 2020 enrollment will be strictly enforced.
Thursday, November 7, 2019
Friday, November 8, 2019