Student using laptop in university hall lounge

Tax$ave Plans – Flexible Spending Accounts

Tax$ave is a benefit program that allows eligible employees to set aside before-tax dollars to pay for certain medical, dental, and dependent care expenses.

Tax$ave Plans Overview

The State Employees Tax Savings Program – Tax$ave, is a benefit program available under Section 125 of the Federal Internal Revenue Code that allows eligible employees to set aside before-tax dollars to pay for certain medical, dental, and dependent care expenses.

Medical Flex Spending
$2,750 per year max

Dependent Flex Spending
$5,000 per year max

You must re-enroll in a Flexible Spending Account (FSA) each plan year to participate, plans do not renew automatically.

Tax$ave Plans Eligibility

Tax$ave is only available to eligible State Employees. An eligible employee is any full-time employee of the State or a State college or university who is eligible to participate in the State Health Benefits Program.

How to Enroll in Tax$ave Plans

New employees may enroll during their initial enrollment period when hired. All other eligible employees must enroll during Open Enrollment.

Employees may enroll directly with Horizon in one of these ways:

At the beginning of the plan year, you elect a dollar amount to contribute to your account. This election can only be changed if you experience a life change that qualifies as an Election Change Event.

After experiencing an Election Change Event, you have 30 days from the date of the event to contact your employer and change your election amount.

There are two restrictions to changes made as a result of an Election Change Event:

  1. The change must correspond with the type of change (e.g., getting married increases the election amount; divorce decreases the amount).
  2. The new dollar amount can’t be less than the amount that you’ve already contributed or been reimbursed in the current plan year.

Events that allow you to change your Medical FSA election

Events that increase election

  • Marriage
  • Birth or adoption of child
  • Child who gains dependent status

Events that decrease election

  • Divorce
  • Child no longer qualifies as a dependent
  • Death of dependent

Events that increase or decrease election

  • Your spouse or dependent starts or ends a job
  • Your spouse or dependent has an increase or decrease in work hours
  • You gain or lose eligibility for employer-sponsored health insurance or health flexible spending coverage
  • You receive a court order requiring you or another person to provide health coverage for an eligible child
  • You, your spouse or dependent gain or lose Medicare or Medicaid coverage
  • You go on or return from FMLA leave as allowed by FMLA requirements and plan rules

To request a change in your election, download the Qualifying Event Notification Form. Fill out the form and give it to your employer or benefits administrator, who will send it to Horizon MyWay.