The Dependent Care Advantage Account for the 2015 Plan Year
New York State Executive Branch employees – don’t miss out on the Open Enrollment Period for the Dependent Care Advantage Account! Open Enrollment begins October 6 and continues through November 7, 2014 for the 2015 Plan Year. If you have to pay for child care, elder care or disabled dependent care in order to go to work, enrolling in the DCAAccount is a way for you to keep MORE MONEY IN YOUR POCKET! Each year, your family may set aside up to $5,000 from your paycheck TAX-FREE to pay for those expenses. There’s more good news –employees are eligible to receive up to an $800 Employer Contribution when they enroll in the DCAAccount. The Employer Contribution is based on individual salary.
You have until midnight on November 7, 2014 to enroll. The paperless process makes applying for enrollment quick, easy, and secure. Log on to www.flexspend.ny.gov and at your fingertips you will find program information, a helpful tax calculator to help you identify your potential savings, the online application and instructions, and forms you will need once you are enrolled in the program. Completing the application form is easy. You simply provide basic information and the amount you wish to set aside in your account and hit the submit button. Last year, it took employees an average of less than three minutes to complete the application process online.
If you do not have Internet access, you can call 1-800-358-7202, then press 1 to speak to a customer service representative who will complete the application for you. Paper enrollment is not an option.
Remember the DEADLINE to apply is November 7, 2014 at midnight. No applications will be accepted after that unless your family experiences an eligible Change In Status event. Don’t miss this once-a-year open enrollment opportunity!
The 2015 Employer Contribution rates are:
If Your Salary Is… The Employer Contribution Is:
Over $70,000 $300
$60,001- $70,000 $400
$50,001- $60,000 $500
$40,001- $50,000 $600
$30,001- $40,000 $700
Up to $30,000 $800