| Save money on health care; Pay with pre-tax dollars By DEBORAH STAYMAN The Flex Spending Account (FSA) is a program PEF and the state negotiated to help PS&T members save money on their taxes. The FSA has two benefits — the Health Care Spending Account (HCSAccount) and the Dependent Care Advantage Account (DCAAccount) — that allow you to pay for health care or dependent care with pre-tax dollars.  If you want to participate in 2006 in either of these, you must enroll between September 26 and November 10 of this year, even if you are currently enrolled for 2005. A streamlined enrollment process allows you to enroll on-line at www.flexspend.state.ny.us. No paper forms are used for enrollment. You may also call 1-800-358-7202 to apply over the phone. Enrolling in either benefit is voluntary. Savings will vary depending on your annual income, the number of dependents you claim on your taxes, and the amount of money you contribute through payroll deductions to your HCSAccount and/or DCAAccount. If eligible, you may contribute any amount from $150 to $3,000 annually in pre-tax dollars to HCSAccount to pay for out-of-pocket medical, dental, vision, or hearing costs not reimbursed by health insurance. Some examples of allowable costs are prescription drug copayments, dental implants, orthodontia, fees paid to non-participating providers, deductibles, laser eye surgery, and contact lenses. Reimbursement for certain over-the-counter (OTC) drugs and supplies also is available through the HCSAccount. A list of eligible OTC drugs and supplies is posted at www.flexspend.state.ny.us. Before you enroll in the HCSAccount, carefully estimate your annual out-of-pocket costs and then decide how much money to have withheld from your paycheck in calendar year 2006. Estimate conservatively, because if you don’t file claims for reimbursement of the entire amount, you will lose any remaining funds. Once enrolled, you can mail or fax your 2006 claims, then receive reimbursement by check or direct deposit. (See related article this page for information on the DCAAccount.) Members need leave donations PEF Division 320 members Christopher and Lynn Sheaffer could use some help. The couple, both nurses at Upstate Medical Center in Syracuse, lost their 24-year-old daughter to heart disease on July 10, 2005. Christopher also suffers from a serious heart condition and has been meeting with a team of doctors for a heart transplant, possibly in September. The couple has exhausted their leave time. You can help by donating leave time to the Sheaffers. To obtain a leave donation form, contact Dwanah Caver at 315 464-4944 or e-mail caverd@upstate.edu. A new provision in the 2003 – 2007 PS&T Agreement allows donations to be made across agency lines to non-family members. Donations may only be made from annual leave and must be made in full-day (7.5 or 8 hours) units. You must have a vacation balance of at least 10 days after making a donation. If you have further questions about leave donations, contact your agency’s human resources department or call the Attendance and Leave Unit of the Department of Civil Service at (518) 457-2295. — Deborah A. Miles |
Act now to save money on 2006 dependent care You can save money on your dependent care expenses if you pay for them with pre-tax dollars. PEF has negotiated a way for its members in the state’s PS&T unit to do that. It’s called the Dependent Care Advantage Account (DCAAccount). If you pay someone to care for your child, elderly parent, or disabled spouse in order to work, you can set aside up to $5,000 in pre-tax salary through payroll deduction to help pay for these expenses. The PS&T contract adds another important incentive to use this program: The state will kick in part of the money. The size of the state’s contribution depends on how much you earn — the lower your annual state pay, the more you get for dependent care. Under the 2003-2007 PS&T contract, if you earn: • Less than $35,000, you get $600; • $35,001 to $45,000, you get $500; • $45,001 to $55,000, you get $400; • $55,001 to $65,000, you get $300; and • More than $65,000, you get $200. Reimbursable expenses include child care expenses (up to age 13), summer day camp, before/after school programs, adult day care, home aide, and housekeeper or cook (these last two must provide custodial care to be considered eligible expenses). Enrollment is voluntary. To take advantage of the DCAAccount, even if you are already enrolled for 2005, you must enroll again this year for the 2006 program between September 26 and November 10. You may either enroll on-line at www.flexspend.state.ny.us or by calling 1-800-358-7202. Be sure to estimate your dependent care expenses for next year very carefully, because any money left in the account after all of your 2006 claims are processed will be forfeited. |
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