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Health & Welfare: Health Care Flexible Spending Account (HCFSA)
Enrolling in a Health Care Flexible Spending Account (HCFSA) can save you money! The HCFSA offers eligible employees and their dependents the opportunity to pay for out-of-pocket health care expenses with tax-free dollars. Participating employees can reduce their taxable income to pay for eligible health care expenses. Contributions to an HCFSA are not subject to Social Security and Medicare tax, federal income tax and, in most cases, state and local income taxes.
As a participant, you may allocate up to $2,550 of your salary to a Health Care Flexible Spending Account to pay for eligible out-of-pocket expenses for health care services received by you, your spouse and your eligible dependents. When planning your HCFSA allocation, it's important to remember that you can only be reimbursed for expenses that come out of your pocket. You will not be reimbursed for any expenses that are paid for under any plan, such as the Medical, Dental or Vision plans. This includes any amount paid under the Health Reimbursement Account (HRA) in the Group Medical PPO Plan Option 3E.
Estimate your expenses from your enrollment date through December 31 of the plan year carefully! If you contribute more money to your HCFSA than the cost of eligible health care services you receive, you will forfeit that amount. To be eligible for HCFSA reimbursements, services must be received during the effective date of your enrollment through the end of the plan year, regardless of when you are billed or pay for services.
If you are interested in participating in this benefit, be sure to submit your enrollment within 31 days of your hire date or during the next Annual Enrollment period. Allocations to an HCFSA may only be changed (prospectively) during the year if you meet the qualifying event rules and applicable consistency rules under the Flexible Compensation Plan. These rules are extremely specific, so be sure to consult the State Farm Insurance Companies Health Care Flexible Spending Account Plan for U.S. Employees Summary Plan Description.
State Farm encourages you to review your benefit options carefully and make informed decisions.
This brief overview of the State Farm Health Care Flexible Spending Account Plan is not intended to be a complete explanation of plan features. For more detailed information, please refer to the State Farm Insurance Companies Health Care Flexible Spending Account Plan for U.S. Employees Summary Plan Description.