Flexible Spending Account
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Flexible Spending Account (FSA)

Plan Overview

Save on a wide variety of everyday medical, dental, vision, day care, parking and transit expenses with an Employee Reimbursement Account (ERA), also known as a Flexible Spending Account (FSA). It’s a tax break that’s simple to use.

When you enroll in an ERA, you determine the dollar amount you want to contribute to each account based on your estimated expenses for the upcoming plan year – January 1 to December 31, 2018. Your contributions will be deducted in equal amounts from each paycheck, pre-tax, throughout the plan year.

The more you contribute to your ERA accounts, the more you reduce your taxable gross salary. When you pay less in taxes, your take-home pay increases!

For more information, visit the TASC Landing Page for the State of Wisconsin.

ERA Payroll Processing Change for 2018

  • ERA contributions will be distributed evenly over the course of the year, in accordance with your payroll schedule.
  • Biweekly: 24 pay periods | Monthly: 12 pay periods | 9-Month: 9 pay periods

Note: If you are already enrolled in an Employee Reimbursement Account (ERA), you must re-enroll each year to continue participation. Enrollments do not carry forward from year to year. If you do not enroll for the 2018 plan year by October 27, you will not be able to enroll until the next plan year's open enrollment or you experience a qualified life event.

Health Care FSA

  • Pre-tax contributions reduce your taxable income.
  • Easiest way to pay for everyday out-of-pocket eligible health care expenses with tax-free money.
  • Your total annual Health Care FSA contribution amount is available immediately at the start of the plan year.
  • You can carry over up to $500 remaining in your account from one plan year to the next, so there is minimal “use-it or lose-it” risk.
  • Multiple self-service tools available to easily manage your TASC Account and TASC Card transactions.
  • Eligible for carryover amount up to $500 each year.
  • Annual contribution limit of $2,600.

How does it work?

  • Use the tax-savings calculator or annual expense estimate worksheet to help determine how much you should contribute per year.
  • Your annual contribution is deducted pre-tax from your paycheck in equal amounts throughout the plan year and deposited into your TASC Account.
  • As eligible health care expenses are incurred, you can either use your TASC Card to pay at the point of purchase or submit a request for reimbursement.
  • Manage your account 24/7 via the TASC Benefits mobile app or TASC Online account.

Dependent Day Care FSA

This FSA is for day care expenses for your eligible dependent(s) that are incurred to allow you and your spouse, if married, to work, actively look for work or attend school full-time.  This account does not pay for medical expenses for your eligible dependent(s).

Limited Purpose FSA

This FSA is similar to the Health Care FSA but is designed to work in conjunction with an HSA.  With this account you are only allowed to claim eligible dental, vision, and post-deductible expenses.  You are only eligible to enroll in the Limited Purpose FSA if you are also enrolled in both the HDHP and HSA.

Annual Contributions Limit

Plan Type Annual Contribution Limit
Health Care FSA $2,600
Dependent Day Care FSA $5,000
Limited Purpose FSA $2,600

 

How to Enroll or Change Elections Midyear

  • To enroll in an FSA as a new hire or due to a qualifying event, you must complete the FSA Enrollment Form and return to your Payroll and Benefits Coordinator within 30 days of the event

  • To change an existing election due to a qualifying event, you must complete the Change of Election Form and submit to your Payroll and Benefits Coordinator within 30 days of the qualifying event

Resources

Forms

Last updated: February 1, 2018

PAYROLL

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FORMS

State of Wisconsin Benefits Education Guide

ADDITIONAL INFORMATION

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Edvest College Savings Plan