Flexible Spending Accounts
You may enroll in a flexible spending account (FSA) as a new hire, during the open enrollment or when you experience a family status change. The FSA allows you to pay eligible health care or dependent care expenses with pre-tax dollars. Your taxable income is reduced by the amount you contribute.
The plan year for the flexible spending accounts benefit is from July 1 through June 30.
Click on the video to learn how a flexible spending account will work for you:
You may also change your annual election amount when you experience a family status change as defined by the IRS.
HEALTH CARE SPENDING ACCOUNT (HCSA)
· Defer from $250- $2,600 per plan year on a pre-tax basis.
· Use for co-pays, deductibles, non-covered, eligible expenses.
DEPENDENT CARE ASSISTANCE PROGRAM (DCAP)
· Defer any amount up to $5,000 per year on a pre-tax basis.
· Use for child and elder care costs, after school care, day camps, and daycare for dependents up to age 13.
In the event that there is any inconsistency between this summary and any legal printed documents, including all plan provider legal documents, the legal documents govern. The benefit information provided is a summary of what we cover and what you pay. It does not list every service that we cover or list every limitation or exclusion. Benefits, premium, deductible, and/or copayments/coinsurance may change at any time without notice. To get a complete list of services we cover, please call the health plan. Copies of plan summaries and the GIC Benefits Decision Guide are available in the Benefits Department or from the vendor(s). Also, copies of each health plan provider benefit summary are available at http://www.mass.gov/gic/sbc.