The Health Spending Accounts options remain the same for 2015. The administration company is listed for each below.
Administered by Group Dynamics Inc.
A Flexible Spending Account (FSA) is an account that you set up to deposit pre-tax dollars into to cover eligible expenses. This allows you to save on your expenses by the amount of taxes that you pay. The College offers a Medical Spending Account for eligible medical expensesand/or a Dependent Care Spending Account for eligible child and adult care expenses. This is an annual account. All money deposited in this account must be used for eligible expenses for the calendar year. Unused balances will be forfeited by the individual and revert to the health plan to cover costs
For 2015, the maximum allowable FSA election for Health Spending has been increased from $2500 to $2550.
Dependent Care Flexible Spending Account
Employees who enroll in the Group Dynamics Dependent Care Flexible Spending Account can have their dependent care costs automatically deposited into their banking institution based on direct deposit information provided to Group Dynamics. Each year the employee must re-verify the information on file with Group Dynamics regarding the dependent care expenses. The extended form to provide to Group dynamics is below:
Limited Purpose (LP) Flexible Spending Account
Employees who enroll in the CIGNA Open Access Plus Choice Fund HSA may still enroll in a "Limited Purpose" Medical Flexible Spending Account. This account is also managed by Group Dynamics. IRS rules require that the Limited Purpose Medical FSA is available for Vision, Dental and Preventive Care expenses only. Please read the Summary carefully to fully understand the requirements for this type of account.
Administered by CIGNA
A Health Reimbursement Account (HRA) is an account that is set up by the College in which money is deposited for you to cover qualified IRS Section 213 expenses. This account is paired with the CIGNA OAP with HRA health plan. The College will deposit $625 for single and $1,500 for family plans. It will also be used to deposit Wellness incentive money for participants in this health plan. The benefit of an HRA over the FSA is that the money will roll over from year to year. It will be available to you as long as you are an active employee of the College.
To assist employees with the higher deductible costs of this plan, SJC will automatically contribute $625/$1,500 (Single/Family) to a Health Reimbursement Account (HRA) for you.
Currently all HRA accounts are set with an Automatic Claim Forwarding feature. This means all qualified medical expenses are paid directly from your HRA account when claims are submitted. You now have the ability to change that option. This change allows you to directly submit eligible claims to CIGNA via a claim form for reimbursement.
NOTE: For qualified eyecare and dental reimbursable amounts, the above request form must be completed and submitted to CIGNA for reimbursement.
1. Log on to myCIGNA
2. Click on the MY PLANS tab
3. Under Accounts, click on Change my Automatic Claim Forwarding settings
If you also have a Medical Flexible Spending Account through Group Dynamic, Inc, you may want to make the above change to this feature to allow you to utilize your flexible spending dollars first.
Administered by CIGNA through JP Morgan Chase
An HSA or Health Savings Account is an account that you set up. Both you and the College deposit pre-tax dollars into this account to cover qualified health care expenses. The College will deposit $450 for single plans and $900 for family plans. It will also be used to deposit Wellness incentive money for participants in this health plan. Unlike the HRA or FSA, this is your personal account and can be used after you leave the College. This account must be paired with a Qualified High Deductible Health Plan (QHDHP). At SJC the qualified high deductible health plan is the CIGNA OAP with HSA ($3,000/$6,000 deductible).
If you are new to the CIGNA OAP with HSA, please set up your individual CIGNA-JP Morgan Chase HSA account:
Open Enrollment ID = SJC2015
To assist employees with the higher deductible costs of this plan, SJC will automatically contribute $450/$900 (Single/Family) to a Health Savings Account (HSA) for you.
Employees can also contribute to this account on a pre-tax basis. The IRS sets annual maximums for contributions to these accounts. For 2015 those maximums are as follows:
|Up to age 54||Age 55+|
NOTE: When electing individual contributions, the combination of the SJC contribution, Wellness Dollars and individual contributions cannot exceed the annual IRS maximums noted above.
CIGNA and JP Morgan Chase have put together a list of helpful videos for those participating in the HSA Plans.
As noted in the Health Plan Overview, employees who enroll in the CIGNA Open Access Plus Coinsurance Plan with CIGNA Choice Fund HSA have an Enhanced Preventive Drug Benefit. The benefit is:
The Enhanced Preventive Drug List is provided by CIGNA for your reference.
To move a balance from an HSA account to your CIGNA/JPMC HSA Account, you can get the appropriate form from via the www.myCIGNA.com.
The IRS provides extensive information regarding HSA accounts: IRS HSA Webpage