Flexible Spending Accounts (FSA) Program

November 2010

The 2010 Open Enrollment/Transfer Period for the Flexible Spending Accounts Program is September 27, 2010 – November 19, 2010.

All HCFSA and DeCAP forms should be submitted directly to the FSA Program at the below address, with a copy to Central Office Human Resources (COHR) for your benefits file, by Friday, November 19, 2010.

Tax-Favored Benefits Program – FSA 2011
40 Rector Street 3rd Fl,
New York, NY 10006-1705

MSC Buy-Out Waiver forms should be submitted to COHR, along with the Health Benefits Application and the appropriate documentation, by Friday, November 19, 2010.

Changes made during the FSA Open Enrollment Period will become effective January 1, 2011.

Health Care Flexible Spending Accounts (HCFSA) Program allows you to put money aside on a pre-tax basis for eligible out-of-pocket medical expenses that are not covered by your health, prescription, dental, or vision care insurance plan, while reducing your taxable income. Annual re-enrollment is required.  If you are currently enrolled in the HCFSA plan, re-enrollment forms were sent to your address on file with the FSA Program.  Please contact the FSA Program directly at 212-306-7760 if you have not received the re-enrollment kit.

Dependent Care Assistance Program (DeCAP) is a way to help pay for expenses to care for your child(ren) or other eligible dependents, also with pre-tax dollars, while you and your spouse work or attend school full-time. Annual re-enrollment is required.  If you are currently enrolled in the DeCAP plan, re-enrollment forms were sent to your address on file with the FSA Program.  Please contact the FSA Program directly at 212-306-7760 if you have not received the re-enrollment kit.

MSC Health Benefits Buy-out Waiver (MSC BOW) Program allows eligible employees who have non-City group health coverage to receive a yearly cash incentive for waiving their City paid health benefits. An employee will receive $1,000 annually for waiving family health coverage or $500 annually for waiving individual health coverage. Payments are made semi-annually in June and December and will be taxable to the recipient. No retroactive participation is allowed. Once enrolled, you will remain in the program until you reinstate your City health benefits. Annual re-enrollment is not required.

MSC Premium Conversion Program allows for health care premiums to be taken on a pre-tax basis. Enrollment in this plan is automatic, but you may choose to have post-tax deductions. Employees may change from pre-tax payments to post-tax (or vice versa) during open enrollment.

HCFSA Changes for Plan Year 2011

Employee’s eligible dependents are covered up to age 26 instead of age 23.

OTC Drugs: must be prescribed by physician – effective Jan. 1, 2011.

Grace Period: (for expenses incurred up to March 15, 2011 and submitted for reimbursement from the previous year’s, 2010, remaining balance).

  • FSA will not reimburse OTC drugs incurred between Jan. 1, 2011 and March 15, 2011 with the previous year’s remaining balance.

Termination: Participant will be terminated from the HCFSA Program during the mid-year due to termination of City or CUNY employment.

  • Continuation Coverage: Elect to submit payment or lump-sum/accelerated payroll deduction prior to termination from employment in order to continue submitting claims through the Plan Year, including the Grace Period.

DeCAP Changes for Plan Year 2011

Federal Tax Credit: Reduced to $2,400 for one dependent/Reduced to $4,800 for two or more dependents.

Click on the following links for information and forms on the FSA Program or call 212-306-7760.

Flexible Spending Accounts Program

Forms and Downloads