Flexible Spending Accounts

Tax$ave, a benefit program available under Section 125 of the Federal Internal Revenue Code, allows eligible full time employees to set aside before-tax dollars to pay for certain medical and dental expenses, thereby saving you money by avoiding federal taxes. An eligible employee is any employee who is eligible to participate in the State Health Benefits Program.

The three components of Tax$ave are:

  • The Premium Option Plan (POP) which allows an employee to pay any SHBP medical and/or dental payroll contributions or premiums with before-tax dollars.
  • The Unreimbursed Medical Flexible Spending Account (FSA) which allows an employee to set aside money to pay for qualified medical and dental expenses not paid by any group benefits plan under which the employee and dependents are covered.
  • The Dependent Care FSA allows an employee to set aside funds to pay for anticipated expenses related to dependent care in order to permit the employee and spouse to work

New Hire Enrollment:

60-day waiting period for Medical account       30-day waiting period for Dependent Care account

Open Enrollment (October 1st thru October 31st)    Elections effective January 1st of following year.

Please keep in mind reimbursement requests for the Medical Expense Spending Accounts must be submitted no later than March 15 following the end of the calendar year for which the account was set up. Any money in your account not claimed by March 15 will be forfeited; therefore, it is critical that reimbursement requests be submitted timely, as soon as possible after the expense is incurred.

Horizon MyWay® is administering the Dependent Care Spending Account for the Division of Pensions and Benefits.

Additional Information about the Unreimbursed Medical Spending Account Plan Tax$ave program is available from the following sites: