There will be a period of time after the current plan year ends when your funds will not be available. TASC will work closely with Benefit Strategies to transfer any balances you have remaining as of 6/30/23 from Benefit Strategies, your current FSA administrator, to TASC. TASC will be your new administrator of FSA benefits beginning with our upcoming plan year, and the grace and runout period for the current plan year (ending 6/30/23) will also be administered by TASC. This means that you must use all the money in your account by the end of the plan year, or you lose that money, subject to the grace period. In exchange for the tax savings these programs offer, the IRS imposes a use-it-or-lose-it rule. Additional enrollment instructions can be found on this website be sure to have your employee ID, agency and department name available. To enroll in an FSA, learn more about Health Care and Dependent Care FSAs, and view other eligible expenses, go to. You can enroll in a Dependent Care FSA for as little as $250 and as much as $5,000/year (or $2,500 if married and filing separate tax returns).Īdministrative Fee: You pay a $1.00 monthly administrative fee regardless of whether you enroll in one or both FSAs. You can enroll in a Health Care FSA for as little as $250 or as much as $3,050/year. Members may also add, change, or stop participation in either or both FSA plans in response to a qualifying event, such as marriage, divorce, birth of a child, change in employment, or (DCAP only) change in childcare provider. For the Dependent Care FSA, participation begins on the first day of employment. For the Health Care FSA, new hire participation begins at the same time as other GIC benefits. For the Dependent Care FSA, participation begins on the first day of employment.Įmployees who experience a qualifying event during the year may enroll for partial-year benefits. New state employees and employees who experience a qualifying event during the year may enroll in an FSA for partial-year benefits. Even if you are enrolled in one or both FSAs this year, you must re-enroll if you wish to participate in Fiscal Year 2024 (JJune 30, 2024). You can’t use a Flexible Spending Account with a Marketplace plan.Active state employees who are eligible for GIC benefits may enroll in a Health Care and/or Dependent Care FSA for the upcoming plan year (JJune 30, 2024) during Annual Enrollment.Get a list of generally permitted medical and dental expenses from the IRS.FSAs may also be used to cover costs of medical equipment like crutches, supplies like bandages, and diagnostic devices like blood sugar test kits.Reimbursements for insulin are allowed without a prescription. You can spend FSA funds on prescription medications, as well as over-the-counter medicines with a doctor's prescription.You can spend FSA funds to pay deductibles and copayments, but not for insurance premiums.You can use funds in your FSA to pay for certain medical and dental expenses for you, your spouse if you’re married, and your dependents.If you’re married, your spouse can put up to $3,050 in an FSA with their employer too. They are limited to $3,050 per year per employer.Get details from the IRS in this publication (PDF, 1.22 MB).įacts about Flexible Spending Accounts (FSA).Contact your employer for details about your company’s FSA, including how to sign up.Check if you qualify for a Special Enrollment Period.
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