Governors State University employees are eligible to enroll in a State of Illinois Flexible Spending Account (FSA) or a Health Savings Account (HSA). These allow employees the opportunity to use pretax dollars for eligible medical and/or dependent care expenses.
Flexible Spending Accounts (FSA)
Employees may choose to participate in a Medical Care Assistance Plan (MCAP) or a Dependent Care Assistance Plan (DCAP).
Participation is voluntary and must occur at the beginning of employment, during Open Enrollment, or when experiencing a qualifying event. Contributions can be made only through payroll deduction.
Employees must apply for this benefit every year during the Open Enrollment period (May 1-May 31) to continue the benefit into the next fiscal year (July 1-June 30).
It is the employee's responsibility to file reimbursement claims by submitting the FSA Reimbursement Claim Form with the proper documentation to Optum. Reimbursement claims can be submitted up to three months following the close of the plan year. After September 30, any amounts remaining in the FSA from the previous fiscal year (July 1-June 30) will be forfeited according to IRS regulations.
FY25 Medical Care Assistance Plan (MCAP) maximum is $3200
FY25 Dependent Care Assistance Plan (DCAP) maximum is $5000
Health Savings Account (HSA)
An HSA is like a 401(k) for healthcare. It is a tax-favored, interest-bearing account that active State employees can use to pay for qualified medical expenses now, or in the future. Active State employees can save or invest the account funds.
In order to be eligible to participate in an HSA the employee must be enrolled in the Consumer Driven Healthcare Plan (CDHP).
HSAs are portable and all contributions rollover to the next plan year.
The State will contribute a third of the deductible to an active State employee's HSA. Employee contributions are optional. Maximum HSA contributions for FY25 are:
Under Age 55:
Employer Contribution for an Individual: $533.34 and for a Family: $1,066.68
Max Employee Contribution for an Individual: $3,616.66 and for a Family $7,233.32
Age 55 and Older:
Employer Contribution for an Individual: $533.34 and for a Family: $1,066.68
Max Employee Contribution for an Individual: $5,150 and for a Family: $8,233.32
You cannot be enrolled in BOTH an HSA and an MCAP Flexible Spending Account.