There are two types of Flexible Spending Accounts, also known as Section 125 accounts, and it is optional to set either one up:

1. A Medical FSA is a special account that you sign up for to put money in through payroll deductions to pay for certain out-of-pocket health care and dental expenses for you, your spouse and eligible dependents.
   
   
2. A Dependent FSA is an account, funded with payroll deductions also, set up to pay for eligible dependent care services such as child and adult care services, summer day camp, before and after school programs, etc. 
   
   

You do not have to pay taxes on the money in either account (no Federal income tax, social security taxes (FICA) and State taxes are taken) and you can sign up for both accounts if you want.

The IRS regulates these accounts and there is a maximum amount that is allowed for each. This amount varies each calendar year and for 2020, the maximum for a Medical FSA is $2750 and a Dependent FSA is $5000.

The FSA amounts are based on the calendar year, which runs from January through December. If you have up to $550 in unused funds in your account, that money will rollover into the new year.

You must sign up within 30 days of employment or during the open enrollment period each year for a January 1st start date.

You decide the amount to be deducted from your pay up to the maximum.  As mentioned above, you are allowed to rollover unused funds in your FSA up to $550 per year.

If you sign up mid-year as a new employee, keep in mind that you may need to pro-rate amounts.

You need to submit a FSA Enrollment Form every Open Enrollment (November 1-30) to take effect the following January through December 31st.

A Health Reimbursement Account, also known as a Section 105 account, is money given by BOCES to all employees who enroll in either the RASHP 2 Value or RASHP 2 Select health insurance plans.

This money can be used to help pay for co-pays and other qualifying medical expenses.

The account is funded each January, and it accumulates year to year, if not used. The amount you receive will be prorated based on when you start working and further, if you are part-time. Also, HRA amounts vary depending on your union contract.

The amounts could vary depending on the plan that you are enrolled in or they could be the same for each plan.

Check your union contract or the Benefits Summaries for the HRA amounts for each plan for your union.

Any unused money will roll from year to year.

The HRA amounts are based on the calendar year, which runs from January through December. Each January you are given the full HRA amount depending on the Health plan you are enrolled in and your contract. The money is deposited in an account and can be used with a Beniversal card.

This is a pre-funded card that works like a debit card and is automatically mailed to you from a company called Benefit Resource, Inc.

The money on the card comes from your HRA, if you have one, and also from a Flexible Spending Account (FSA), if you signed up for one.

When you use your Beniversal card, you should keep all your receipts in case of questions.

For more information and to check your balance, go to www.benefitresource.com

PSP/BUP/BUSS Members Only (see note) - Per Contract
Health Savings Account for High Deductible Plans

Note: BUSS members must be Full time FTE 1.0 to qualify

If you are enrolled in the Signature HDHP plan you will receive a contribution into a Health Savings Account from BOCES One. This is money you will own that can be used towards qualifying medical expenses associated with having a high deductible plan. You can also elect to contribute to your HSA as a tax-free deduction from your paycheck.

The HSA limits for contributions are set to increase in 2021 according to Revenue Procedure 2020-32. Individuals age 55 or older can continue to make an additional $1,000 catch-up contribution. Individual: $3600 (up from $3,550 in 2020) Family: $7,200 (up from $7,100 in 2020).

If you are currently enrolled in our Signature HDHP plan, you will receive the HSA funds automatically for 2021. You also still have the option to put away additional funds through a Limited-use Flexible Savings Account (FSA) to be spent on Dental and Vision expenses only.

To contribute to an HSA, you must meet the following criteria:

1. You must be enrolled in the BOCES’ Signature High Deductible Health Plan.
2. If you or your spouse has a Medical FSA or HRA, you may not be eligible for an HSA unless the FSA or HRA is limited to dental and vision expenses.
3. You cannot be enrolled in Medicare.
4. You cannot be claimed as a dependent on another person’s taxes.
   
   

BOCES will fund the HSA starting January 1, 2021 as shown below for 2021:

First Year Enrollee:

• Enrolled in Two-person, Family or Family/No Spouse $3,000
• Enrolled in Single $1,000
  
  

Subsequent Years:

• Enrolled in Two-person, Family or Family/No Spouse $1,500
• Enrolled in Single $900