Flexible Spending Plans

Our 2020 Open Enrollment Benefits Fairs Are Coming To You!
Video Conference Benefits presentations will take place October 26-30, 2020
(Flexible Spending Program Presentation 10/28/20 12:00-12:45 pm)

Participation Starts Here 

 

 

The State will be adopting new rules for the FSA plans (medical and dependent care) in response to the provisions in the CARES Act.

  • The medical account rollover amount will be increased to $550 for 2020 funds rolling into 2021.

  • The plan is waiving the need for a qualifying event to either enroll in the FSA or change an annual election for 2020. This is for both medical and dependent care accounts. Two important caveats to this:
    - An employee cannot reduce their election to an amount lower than what they've already contributed (no refunds)
    - An employee cannot change their election to an amount that is less than what has already been reimbursed/claimed

  • Additionally the CARES Act has permanently reinstated FSA coverage for thousands of over-the-counter drugs. Read the details here

If you wish to enroll or change your FSA election:

FSA Change Form

FSA Enrollment Form and ASIFlex Debit Card Order Form

 

Coverage

The Flexible Spending Account Plan allows you to have money deducted from your paycheck, on a pre-tax basis, which can then be used throughout the year to reimburse yourself for certain out-of-pocket health care and/or dependent care expenses. Because this money is taken from your salary before taxes are deducted, it allows you to pay these expenses tax-free. For 2020, you can have up to $2,750  deducted for your Health Care Account and/or $5,000 for your Dependent Care Account.

  • Health Care Account – This account provides reimbursement for most health care expenses not covered by your insurance. Examples include: copayments, deductibles, dental expenses, and vision care expenses.
  • Dependent Care Account – This account provides reimbursement for eligible dependent care expenses to pay for dependent care (child or elder) while you are working. Examples include: Daycare services, after school care, baby-sitting fees, adult day-services and preschool.

Cost

Employees elect the amount to be deducted from their bi-weekly paychecks. For 2019, the yearly maximum is $2,700 for Health and $5,000 for Dependent Care. 

Eligibility

Employees may sign up within the first 60 days of employment or during the annual Open Enrollment period in November. In some circumstances, employees may be allowed to enroll during the year if they have a qualifying event (birth, marriage, etc.). 
This plan requires employees to re-enroll on a yearly basis during the annual Open Enrollment period in November. 

Administrator

ASIFlex
PO Box 6044
Columbia, MO 65205-6044
(800) 659-3035

www.asiflex.com

Newsletters

March 2018
April 2018
May 2018
June 2018
July 2018
October 2018
November 2018
December 2018
February 2019
March 2019
April 2019
May 2019