Health Flexible Spending Account Limits Changing July 1, 2012
Members of the AlaskaCare Employee Health Plan may enroll in the Health Flexible Spending Account (HFSA) to set aside tax-free dollars to pay for items not paid by the health plan – things like deductibles and coinsurance.
Effective July 1, 2012, the limit on HFSA contributions will change to $208 per month to comply with new limits set by federal health care legislation. When enrolling for HFSA, which is required each year for members who want to participate, members must specify a contribution limit between the minimum of $20 per month and the maximum of $208 per month.
The HFSA is a great tax-free way to pay for out of pocket medical, dental, and vision expenses that you would pay anyway. While the plan does include a “use it or lose it” provision as required by federal law, estimated savings range from 20% to over 40%.
Active employees can read more about the HFSA at AlaskaCare.gov and may enroll during the Open Enrollment, May 21 through June 8.
More information at AlaskaCare.gov, enter search keyword: HFSA.