Dear COBA Members:
The open enrollment period for the 2020 Flexible Benefits Program is: November 1st through November 22nd, 2019.
The Flex Benefits Plan (Flexible Spending Account & Dependent Care-FSA) is administered by Aetna, Inc. and can result in true pre-tax dollar savings for you and your family! Here's how it works:
The County's Flexible Benefits Plan enables you to deduct the cost of many out-of-pocket health care and dependent care related expenses not covered by your insurance provider. By determining what your annual expenses for these items will be, and having pre-tax dollars deducted from your paycheck, you will realize significant savings for the calendar year.
The maximum contribution for the plan in 2020 is *$2,700 for Health Care and *$5,000for Dependent Care if filing joint federal income tax return and $2,500 for Dependent Care if married and filing separate federal income tax returns. (Note: For a child to qualify for Dependent Care, he/she would have to be a tax dependent of yours who is under age 13 when the dependent care services are rendered.) The minimum contribution is $500 combined for both plans. (For example: $100 for Health Care and $400 for Dependent Care.)
The County will be participating in the Grace Period Option as it relates to unused funds in your FSA health account. This means that you will have until March 15, 2021 to incur qualified expenses that can be reimbursed from any unused contributions made in 2020; and until March 31, 2021 to submit your claims. Please be reminded that any unused amount remaining in your 2019 Health Care FSA as of March 15, 2020, or as of the date your employment terminates, will be forfeited. Therefore, please consider carefully the amounts you would like to contribute to your 2020 FSA accounts and complete the attached application form. You should submit the completed form to your HR representative by November 22, 2019.
*Subject to change - as of today the IRS has not issued an increase for 2020 FSA maximum contribution amounts. Generally the increase is $50 over the prior year. If you would like us to increase your election to the maximum amount, should the IRS announce one, please write "max" on the form in the space provided for your election amount and we will make the adjustment.
Open House:
Representatives from Aetna will be on-site on the following days between 10:00 a.m. and 2:00 p.m. to answer questions you may have:
- Friday, November 1st, 10:00 a.m. to 2:00 p.m. - Nassau Community College, Tower Building, 12th Floor
- Wednesday November 6th - 10:00 a.m. to 2:00 p.m. - 1194 Prospect Avenue, Westbury, 2nd Floor Conference Room
- Thursday, November 7th, 10:00 a.m. to 2:00 p.m. - 1 West Street, Mineola, Lobby 1st Floor
- Friday, November 8th, 10:00 a.m. to 2:00 p.m. - 240 Old Country Road, Mineola, Main Lobby
For more information click on the links below.
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