October 30, 2023 — The 2024 open enrollment period for Dependent Care Advantage Accounts (DCCA), Health Care Spending Accounts (HCSA), and Adoption Advantage Accounts runs from November 1 to December 11, 2023.
These flexible spending accounts are state employee benefits that allow payment for certain expenses with pre-tax dollars.
HCSA
This account lets you set aside any amount from $100 up to the maximum contribution of $3,200 for the 2024 plan year to pay for health care expenses that are not reimbursed by health insurance or another benefit plan. Only medically necessary medical, hospital, dental, vision, hearing, and prescription medications for you, your spouse, and eligible dependents can be reimbursed or paid for by your HCSA. The account provides carryover, allowing you to use the remaining balance, up to a maximum of $610, from your 2023 account toward eligible expenses in 2024.
DCAA
This account allows you to set aside pre-tax money up to $5,000 or $2,500, based on your tax filing status, to pay for eligible childcare, elder care, or disabled dependent care expenses while you are at work. Eligible employees can enroll without setting aside their own money and still be eligible to receive the contractual employer contribution.
If you file Married Filing Jointly, the IRS $5,000 maximum contribution rule is applied. If both you and your spouse participate in a DCAA, the total household contribution is limited to $5,000. If you file Head of Household, the maximum contribution is $5,000.
If you or your spouse earn less than $5,000 annually, you cannot put more money into the account than your income or your spouse’s income — whichever is less. If you file Married Filing Separately, the IRS limits contributions to $2,500 and if you file Single, the limit is $2,500.
The program provides a grace period of two-and-a-half months, or until March 15, 2024, to incur expenses that can be reimbursed from your 2023 balance.
“PEF successfully negotiated for the state to increase its employer contribution level by $200 per participating employee, starting in 2023, and this increase continues for the 2024 program year,” President Wayne Spence said. “Amid high inflation, every penny saved counts.”
Adoption Advantage Account
This account allows you to pay for expenses related to the adoption of an eligible child with pre-tax dollars, up to a maximum of $16,810.
Click here to access the PEF memo on these flex spending accounts. You can view full plan details here. Enroll online, by telephone at (800) 358-7202, or by scanning the QR code on the memo. You will need your NYS EMPLID number, located on your paystub, to enroll.