Flexible Spending Works With You

October 2013

It’s that time of year again.  CUNY Employees have the option to enroll in the annual Flexible Spending Accounts Program for the Plan Year 2014.

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.

For detailed information on the FSA Program and enrollment/change forms, please click the links below or call 212-306-7760.

Flexible Spending Accounts Program
http://www.nyc.gov/html/olr/html/flex_spending/flex_spending.shtml

FSA Plan Year 2014 Question & Answer Sheet
http://www.nyc.gov/html/olr/downloads/pdf/fsa/2014_FSA_Q&A_Sht.pdf

Forms and Downloads (Please scroll down to Flexible Spending Accounts Program Plan Year 2014 Brochures and Enrollment/Change Forms)
http://www.nyc.gov/html/olr/html/forms/forms_and_dl.shtml

Flexible Spending Accounts Program: September 9, 2013 – October 18, 2013

 All HCFSA and DeCAP forms should be submitted directly to the FSA Program, as noted below, with a copy to Central Office Human Resources (COHR) for your benefits file, by Thursday, October 31, 2013.

Attn: FSA 2014
40 Rector Street, 3rd Floor
New York, NY 10006

MSC Buy-Out Waiver forms should be submitted to COHR, along with the Health Benefits Application and the appropriate documentation, by Thursday, October 31, 2013.

Changes made during the FSA Open Enrollment Period will become effective January 1, 2014.