The Group Insurance Commission has extended the 2014 HCSA/DCAP Open Enrollment to Friday, December 13.
On October 31, 2013 the US Treasury Department modified its FSA "use-it-or-lose-it" provision that would allow employees enrolled in Health Care Spending Accounts to carry over up to $500 of unused Health Care Spending Accounts into the following calendar year. Alternately, employers can continue to allow a 2 ½ month grace period in which to spend up to any amount remaining into the following calendar year but both the carry over and grace period cannot be offered simultaneously.
After analyzing the data, it was determined that more employees benefit under the current option and the GIC Commissioners unanimously voted on Friday, November 15, to continue to offer the 2 ½ month grace period. This means that 2013 Health Care Spending Account participants have until March 15, 2014, to incur claims for 2013 benefits, and have until April 15, 2014, to submit claims to be paid from their 2013 balance, if applicable.
If you haven't already enrolled, please do so as soon as possible as the deadline of December 13th is quickly approaching. Most employees benefit with these pretax programs, saving on average $250 for every $1,000 contributed. See www.mass.gov/gic/fsa for additional information and enrollment details. The GIC and Benefit Strategies are finalizing the 2014 plan handbook and this will be posted on our websites by the end of the week. The GIC and Benefit Strategies have finalized the 2014 plan handbook, now available on both websites (see below).