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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 2019-20 must enroll during open enrollment. Your FY 2018-19 FSA election will not roll over into FY 2019-20.
The annual amount you contribute to your FSA is deducted from your paychecks in equal installments, on a pre-tax basis, from July 1, 2019 through June 30, 2020, and credited to your FSA account(s).
The State’s FSAs work via reimbursement. By election to participate in a Flexible Spending Account (FSA), you contribute pre-tax dollars each month into an account, and once you incur a qualified medical or dependent care expense, you submit a claim either by using you dedicated FSA debit card or submitting a claim form with receipts for reimbursement. You can incur claims for eligible expenses from July 1, 2018 through June 30, 2019. You will have until October 15, 2019 to submit claims for reimbursement.
If you are currently enrolled in a FY 2018-19 General Purpose Healthcare FSA or Limited Purpose Healthcare FSA, you can carryover up to $500 of unused Healthcare FSA funds to the FY 2019-20 plan year. The deadline to submit claims for FY 2018-19 is October 15, 2019. Any unused carryover funds after October 15, 2019 will be forfeited.
During this year’s FY 2019-20 open enrollment if you elect to enroll in a FY 2019-20 General Purpose Healthcare FSA or Limited Purpose Healthcare FSA you can carryover up to $500 of unused Healthcare FSA funds to the FY 2020-21 plan year.
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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