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.
Reasons to 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 the past 26 years, the DCAAccount has been consistently saving state employee participants hundreds of dollars on their dependent care expenses. More and more working parents learn that the DCAAccount can significantly help with the cost of summer day camp, nursery school, child care center, or adult day care costs.
The HCSAccount is a great way to help you save on many of your family's health care expenses. Since the benefit was introduced in 2001, participation has more than tripled in size as almost 15,800 state employees used their HCSAccounts in 2016 to save money on prescription drugs, orthodontia, and other medical services provided to their families.
Change in Status and New Employees
Open enrollment for the Flex Spending Account Program (FSA) has ended, but you can still enroll for 2018 if you are a new employee or have a change in status. To learn more and to enroll, go to: www.flexspend.ny.gov.