Visit the Flex Spending Account website at www.flexspend.ny.gov for information about the program or to enroll during the open enrollment period held each fall.
What Is The Flex Spending Account?
The Flex Spending Account is a negotiated benefit for State employees. There are two parts to the Flex Spending Account:
Dependent Care Advantage Account (DCAAccount) Health Care Spending Account (HCSAccount)
Both are types of Flexible Spending Accounts (FSA). FSAs give you a way to pay for your dependent care or health care expenses with pre-tax dollars. FSAs are voluntary — you decide how much to have taken out of your paycheck and put into your DCAAccount and/or HCSAccount. Visit the Flex Spending Account website at www.flexspend.ny.gov for information about the program or to enroll.
Why Should I Enroll?
If you are paying for dependent care expenses in order to work, or have medical expenses that are not reimbursable under your health insurance, you are paying for those expenses with dollars that have already been taxed. By enrolling in the DCAAccount or HCSAccount, you will pay those same expenses with whole dollars — before federal, state, and social security taxes are taken from your salary.
For 23 years, the DCAAccount has been consistently saving state employee participants hundreds of dollars on their dependent care expenses. The DCAAccount Employer Contribution will provide up to $800 for employees in eligible bargaining units who enroll in the DCAAccount for the 2014 plan year. The Employer Contribution is based on salary and is available to Executive Branch state employees who are M/C or represented by CSEA, PEF, UUP, Council 82, or NYSCOPBA or are employed by the legislature. Employees of NYSERDA, EFC, and Roswell Park Cancer Institute are also eligible.
The HCSAccount is a great way to help you save on many of your family's healthcare expenses as well. Since the benefit was introduced in 2001, participation has more than tripled in size as almost 16,400 state employees used their HCSAccounts in 2013 to save money on copays, prescription drugs, orthodontia, and other medical services provided to their families.