INFORMATION FOR
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:
Premium Option Plan (POP) Enrollment: is automatic/ no waiting period. The POP runs on a calendar year basis.
FSA New Hire Enrollment: - 60-day waiting period for Medical account
- 30-day waiting period for Dependent Care account
FSA Open Enrollment (October 1st thru October 31st) Elections effective January 1st of following year.
You must enroll in a Flexible Spending Account (FSA) each year in order to participate.
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® administers the Tax$ave Unreimbursed Medical and Dependent Care FSAs for the NJDPB for all State employees, regardless of whether they are enrolled in a Horizon or Aetna medical plan.
Additional information is available from the links below: