The State of Connecticut Comptroller’s Office has just announced a $50 increase in the maximum amount that the IRS permits an employee to set aside for the Medical Flexible Spending Account Program (MEDFLEX) for Plan Year 2017. The maximum deduction for MEDFLEX will now be $2600. There has been no increase in the annual maximum for the Dependent Care Assistance Program (DCAP).
The open enrollment period for the 2017 Plan Year for MEDFLEX and DCAP began on October 1, 2016, and will end at midnight on Monday, October 31, 2016.
The MEDFLEX program allows participants to pay for eligible medical expenses on a tax-free basis. The program is governed by section 125 of the Internal Revenue Code, and the maximum amount of expenses eligible for reimbursement is announced by the IRS each year.
Employees who want to change a previously submitted MEDFLEX deferral election for Plan Year 2017 may do so by submitting a revised enrollment form to the plan’s administrator, Progressive Benefit Solutions, LLC (PBS), no later than October 31, 2016. Changes or new enrollments can also be made online until midnight on October 31st by going to the PBS website, www.ctpbs.com.
There will be no extension of the October 31, 2016 end date for open enrollment.
For questions concerning the MEDFLEX open enrollment period, please call PBS at 1-866-906-8023.
For more information, contact: Human Resources at 8604863034