Department of Management Services

Savings and Spending Accounts

The state offers eligible employees three reimbursement accounts (also called flexible spending accounts or FSAs) that can provide you with a tax break on your predictable out-of-pocket costs. Use the chart below to see how the accounts work and check out the Frequently Asked Questions and/or see the Savings and Spending Accounts Guide at the bottom of the Resources page; then use the tax savings calculator to help you decide if the reimbursement accounts have value for you. If you have a high deductible HMO or PPO plan, read more about opening a health savings account or HSA. Chard Snyder is the administrator for all savings and spending accounts. 

Carryover

For the healthcare FSA and limited purpose FSA, December 31, 2018, is the last day to incur claims for the 2018 plan year, and you must submit all claims by April 15, 2019. Otherwise, if you have funds remaining at the end of 2018, a maximum of $500 will carry over to the next plan year while any funds in excess of $500 will be forfeited.

Here are some examples of how the healthcare FSA and limited purpose FSA will work moving from plan year 2017 to 2018 and from plan year 2018 to 2019.

2017 to 2018 Plan Year

Mary elected the maximum contribution of $2,600 for the 2017 plan year. On Dec. 31, 2017, Mary has $275 remaining in her 2017 healthcare FSA. Mary must incur eligible expenses by March 15, 2018, to use or be reimbursed from her 2017 remaining balance and must file all claims by April 15, 2018. Mary incurs services on March 1, 2018, in the amount of $200. On April 15, 2018, Mary files her claim for $200 and is reimbursed from her healthcare FSA. On April 16, 2018, Mary has $75 left in her account which she will forfeit since she did not file any other claims before the April 15 deadline.

2018 to 2019 Plan Year

Mary elects the maximum contribution of $2,650 for the 2018 plan year. On Jan. 1, 2019, Mary has $475 remaining in her 2018 healthcare FSA. The $475 will carry over to the 2019 plan year. Mary elected the maximum contribution of $2,650 for the 2019 plan year. Mary then has $3,075 for the 2019 plan year. Mary can file claims for services incurred in 2018 through April 15, 2019. Any services incurred in 2018 will be deducted from the $475 carried over.

IMPORTANT NOTE:

The carryover does not apply to the dependent care FSA. For the dependent care FSA, March 15, 2019, is the last day to incur claims for the 2018 plan year, and you must submit all claims by April 15, 2019. Otherwise, you lose any remaining money.

      

Stay in Touch with Your Mobile App

Do these tasks from the palm of your hand: view your account balances and transaction details, file claims, attach receipts through your phone, add receipts to claims already submitted and receive the text alerts you choose by submitting your phone number.

Download Chard Snyder's free mobile app at the App Store or Google Play. View these videos to learn more.

Savings and Spending Accounts Comparison Chart
  Flexible Spending Accounts (FSA) Health Savings Account (HSA)  (Adobe PDF Document 180.55 KB)
Healthcare FSA  (Adobe PDF Document 240.38 KB) Limited Purpose FSA  (Adobe PDF Document 240.38 KB) Dependent Care FSA  (Adobe PDF Document 240.38 KB)
How It Works

You deposit pretax money into the account through payroll deductions to pay for eligible medical, dental, vision, preventive and prescription drug expenses.

  • Use the Benny® prepaid benefits card to pay for eligible services and items, 
  • Pay your provider directly from your account online, or
  • Pay out of pocket for eligible medical expenses; then submit claims to be reimbursed.

You deposit pretax money into the account through payroll deductions to pay for eligible dental, vision and preventive care expenses not covered by your health plan.

  • Use the Benny prepaid benefits card to pay for eligible services and items, 
  • Pay your provider directly from your account online, or
  • Pay out of pocket for certain eligible expenses; then submit claims to be reimbursed.

You deposit pretax money into the account through payroll deductions. You get reimbursed for eligible services (not healthcare related) to care for children under age 13 or age 13 or older who live with you at least 8 hours a day and need supervised care, such as an elderly parent or spouse with a disability.

  • Use the Benny prepaid benefits card to pay for eligible dependent care services,
  • Pay your provider directly from your account online, or
  • Pay out of pocket for eligible dependent care expenses; then submit claims to be reimbursed.

The state contributes pretax money to your personal bank account each month for you to pay for eligible health expenses and save for future costs. You may also deposit pretax money.

  • Pay for eligible expenses from this savings account at time of service or purchase, 
  • Pay your provider directly from your account online, or
  • Pay out of pocket for eligible expenses; then reimburse yourself from this account.
Who is Eligible Benefits-eligible employees. Benefits-eligible employees. Benefits-eligible employees. Employees enrolled in a high deductible health plan.
State Contribution No No No

Yes. Must enroll in an HSA Savings Account online in People First, which automatically opens your HSA Advantage™ account. State contributes:

  • $41.66/month for single coverage (up to $500/year)
  • $83.33/mo. for family coverage (up to $1,000/year)
Employee Contribution Limit

Yes. 

$60 minimum/year

$2,650 maximum/year

Yes. 

$60 minimum/year

$2,650 maximum/year

Yes. 

$60 minimum/year

$5,000 maximum/year/household

Yes. 

$3,400/year for single coverage $6,750/year for family coverage (Limits include the state’s contribution.)

Employees aged 55+ may make catch-up contributions of an additional $1,000 each year. 

When Money is Available The total amount of your annual election is available Jan. 1 (for Open Enrollment) or on your enrollment date (for new hires or if you have an appropriate Qualifying Status Change (QSC) event).  The total amount of your annual election is available Jan. 1 (for Open Enrollment) or on your enrollment date (for new hires or if you have an appropriate QSC event). Money is added to your account after each payroll deduction. You may only use the amount you have in your account at the time. As the state deposits amounts into your Chard Snyder HSA Advantage™ personal savings account.
Payment Card  Yes. Benny prepaid benefits card Yes. Benny prepaid benefits card Yes. Benny prepaid benefits card Yes. Benny prepaid benefits card
Deadline to Use Funds For 2017 Plan Year Yes. Grace period to use funds ends March 15 and you must submit all claims by April 15 of the next plan year. Otherwise, you lose any remaining money. 

Yes. Grace period to use funds ends March 15 and you must submit all claims by April 15 of the next plan year. Otherwise, you lose any remaining money. 

 

 

Yes. Grace period to use funds ends March 15 and you must submit all claims by April 15 of the next plan year. Otherwise, you lose any remaining money. 

 

No. HSA works just like your savings account. Balance rolls over from year to year; take the money with you if you leave state employment.
Deadline to Use Funds For 2018 Plan Year Yes. December 31, 2018, is the last day to incur claims for the 2018 plan year, and you must submit all claims by April 15, 2019. Otherwise, if you have funds remaining at the end of 2018, a maximum of $500 will carry over to the next plan year while any funds in excess of $500 will be forfeited. Yes. December 31, 2018, is the last day to incur claims for the 2018 plan year, and you must submit all claims by April 15, 2019. Otherwise, if you have funds remaining at the end of 2018, a maximum of $500 will carry over to the next plan year while any funds in excess of $500 will be forfeited. Yes. Grace period to use funds ends March 15 and you must submit all claims by April 15 of the next plan year. Otherwise, you lose any remaining money.  No. HSA works just like your savings account. Balance rolls over from year to year; take the money with you if you leave state employment.
Health Plan  N/A Works with High Deductible PPO or HMO, but not required. N/A High Deductible PPO or HMO
Enroll in Another Savings or Spending Account Yes. Dependent Care FSA Yes. HSA and Dependent Care FSA

Yes. Healthcare FSA or       

HSA and Limited Purpose FSA

Yes. Limited Purpose FSA and Dependent Care FSA

  

  

How FSAs work

  1. You set aside pre tax dollars from your paycheck.
  2. You submit eligible expenses for reimbursement throughout the year.
  3. You are reimbursed from your FSA for the eligible expenses you submit.

If you pay federal income tax and Social Security tax, this creates about a 20% savings on most of the health or dependent care services you buy. The savings could be more - depending on your income tax rate. And yet, even when you pay no income taxes, the Social Security tax savings is about 7.5% - or $7.50 for each $100 you spend. How much can I save using an FSA?

 

Estimate Your Expenses

Before enrolling:

 

Claiming Your Reimbursement Account Benefits

You claim reimbursement account benefits by submitting a claim form (Adobe PDF Document 289.85 KB) and appropriate supporting documentation to Chard Snyder by April 15.