Today's Message
Posted: Thursday, November 3, 20162017 NYS Flex Spending Account: Enrollment Window Closes Monday
Open enrollment for the 2017 NYS Flex Spending Account (FSA) ends Monday, November 7. The account offers two benefits: the Health Care Spending Account (HCSAccount) and the Dependent Care Advantage Account (DCAAcount).
The HCSAccount allows employees to set aside from $100 to $2,550 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.
2017 Plan Year Employer Contribution Rates:
If your salary is ... the employer contribution is ...
Under $30,000 ................................................$800
$30,001 - $40,000 ...........................................$700
$40,001 - $50,000 ...........................................$600
$50,001 - $60,000 ...........................................$500
$60,001 - $70,000 ...........................................$400
Over $70,000 ..................................................$300
GSEU Employees only (regardless of salary) .... $600
Employees enrolling in the DCAAccount will not see their employer contribution displayed when enrolling. The employer contribution will be applied to employees’ elections and will be reported on their confirmation letter following open enrollment. When enrolling, employees should enter the full amount they wish to have in their DCAAccount. The full amount includes any employee contribution and any employer contribution for which they may be eligible.
Employees who do not work 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 2017.
Participants currently enrolled in the HCSAccount or DCAAccount must re-enroll to continue benefits in 2017.
Paperless enrollment is quick, easy, and secure. For program details or to enroll in the FSA, visit www.flexspend.ny.gov or call the FSA hotline at (800) 358-7202.
The November 7 deadline for 2017 enrollment will be strictly enforced.
