Flexible Spending Accounts

Flexible Spending Accounts allow members to pay for certain eligible medical and dependent/ care expenses with pre-tax dollars. There are two types of FSAs:  Healthcare FSAs and Dependent Care FSAs.

 

Healthcare FSAs

  • Administered by ASIFlex - 1.800.659.3035 / www.asiflex.com / asi@asiflex.com
  • Pre-tax money for out-of-pocket medical expenses
  • Expenses can be for employee, spouse or an tax dependents (regardless of whose medical insurance the dependent is on).
  • Eligible expenses
  • Annual medical expenses estimator
  • Tax savings calculator
  • Individual maximum of $6000 per year; no fee to participate in the program. 
  • Employee is reimbursed for approved expenses via direct deposit or check.  
  • Unused funds are forfeited to the State at the end fo the plan year.  Plan year runs from July to June.
  • The first day to incur expenses is July 1; the last day to incur expenses for a plan year is June 30.  The last day to submit incurred expenses is October 15. 
  • FSA rules and regulations are explained in detail in the Salary Reduction Plan, and the FAQs for FSAs.


Dependent Care FSAs

  • Administered by ASIFlex - 1.800.659.3035 / www.asiflex.com / asi@asiflex.com
  • Provides a tax break on child / elder care expenses that allow employee to work (single parent), or employee and spouse to work / look for work / be a full-time student.
  • Eligible dependents:  Children under 13 or older dependents undable to care for themselves (must live in employee's home at least 8 hours a day and meet IRS income guidelines).
  • NOT for dependents' medical expenses.   
  • Eligible expenses
  • Tax savings calculator
  • Family maximum of $5000 per year; no fee to participate in the program. 
  • Employee is reimbursed for approved expenses via direct deposit or check. 
  • Contributions must be received in Dependent Care FSA for reimbursement to be issued. 
  • Unused funds are forfeited to the State at the end fo the plan year.  Plan year runs from July to June.
  • The first day to incur expenses is July 1; the last day to incur expenses for a plan year is June 30.  The last day to submit incurred expenses is October 15. 
  • FSA rules and regulations are explained in detail in the Salary Reduction Plan, and the FAQs for FSAs.


Health Savings Accounts (HSAs)
Health Savings Accounts (HSAs) are different from FSAs.  Only people enrolled in a qualified high-deductible health plan (HDHP) may contribute to an HSA.  A person may not have an FSA when contributing to an HSA.  While the State does not offer an HSA, it does offer two HDHPs that HSA-eligible:  the PPO HDHP Definity and the HMO HDHP.  Employees enrolled in these medical options should contact their preferred financial institution for more information on HSAs.  
 

FSA Resources
ASIFlex - State's FSA Administrator
FSA Facts 
FAQs for FSAs 
Chart - Healthcare FSA vs. Dependent Care FSA 
Appeals Process 
Salary Reduction Plan Document 

 

More Benefits Information
HealthLine  - The Employee Benefits Newsletter
Insurance Premiums  
Enroll/Change Your Benefits - link to State's online Benefits Administration System (BAS)
Your department's HR/Benefits personnel 
Instructions for Online Enrollment  
What do "Pre-tax" and "After tax" mean?  
Glossary of Insurance Terms  
Forms 
Salary Reduction Plan 
 

For more information about Benefits contact the  DPA Benefits Unit  .

 

Email comments to: benefits@state.co.us