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ASI Flex FY 2017-18 Presentation
Flexible Spending Accounts (FSAs) help you make your money go further by letting you set aside pre-tax dollars to pay for certain out-of-pocket eligible health care and dependent day care costs.
Those who want an FSA in FY 2017-18 must enroll during open enrollment. Your FY 2016-17 FSA election will not roll over into FY 2017-18.
The annual amount you contribute to your FSA is deducted from your paychecks in equal installments, on a pre-tax basis, from July 1, 2017 through June 30, 2018, and credited to your FSA account(s).
The State’s FSAs work via reimbursement. You contribute money each month, and then after you incur your expenses, you submit a claim. You are then reimbursed the eligible claim amount. You can incur claims for eligible expenses from July 1, 2017 through June 30, 2018. You will have until October 15, 2018 to submit claims for reimbursement. Use ASIFlex’s tax savings calculator to estimate your health care or dependent day care expenses and what you may be able to save on your taxes.
You will be allowed to carryover up to $500 of unused healthcare FSA funds from the FY 2016-17 plan year to the FY 2017-18 plan year. The Carryover Provision will apply to both the General Purpose and Limited Purpose Healthcare FSA options. Unused healthcare funds in excess of $500 will be forfeited. Effective July 1, 2017 any amount of General Purpose Healthcare FSA or Limited Purpose Healthcare FSA carryover from FY 2017-18 (or previous years) that are not used in FY 2018-19 will be forfeited on June 30, 2019.
If an employee chooses to order the Healthcare FSA Debit Card the cost is $.50/month billed to the employee’s Healthcare FSA account. The Debit Card will be available for both the General Purpose Healthcare FSA (debit card can be used to pay for eligible medical, dental and vision care expenses) and the Limited Purpose Healthcare FSA (debit card can only be used to pay for dental and vision care expenses).
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 a General Purpose Healthcare FSA when contributing to an HSA. While the State does not offer an HSA, it does offer two HDHPs that are HSA-eligible: the HDHP with HSA and the HMO HDHP. Employees enrolled in these medical options should contact their preferred financial institution for more information on HSAs.
State of Colorado benefits plans from previous years.
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