Your Health, Your Benefits: Exploring the New HCFSA Initiative

Show Notes:

Show Notes: Ron Garner, Assistant Director of Military Compensation Policy, explains the DOD’s new Health Care Flexible Spending Account (HCSFA) initiative. March 3rd - 31st is the first opportunity for eligible members of the uniformed services to enroll in an HCFSA during this special enrollment period.

Show Links:

• Office of Financial Readiness - Understanding the HCFSA

• Knowing your Benefits

• Healthcare FSA

• Applying for FSA

• Eligible Expense Guide

Show Takeaways:

• The new FSA initiative is a way to save untaxed income for eligible medical, dental, and vision care costs..

• • Eligible expenses include OTC medicine, acupuncture, braces, contact lenses and so much more!

• A special enrollment begins March 2nd and ends March 31st.

• Members of the uniformed services in the Army, Marine Corps, Navy, Air Force, Space Force and U.S. Public Health Service are eligible to sign up for an HCFSA during the Special Enrollment Period.

• • Members of the regular (active) component.

  • Members of the reserve components of the Army, Marine Corps, Navy and Air Force performing Active Guard Reserve (AGR) duty.

  • Members of the National Guard performing Active Guard Reserve (AGR) duty.

  • Members of the U.S. Coast Guard Reserve, including Reserve Component Managers, performing active duty for more than 180 days.

• Contributions come straight from the service member’s paycheck and can be $100-$3,300 per year.

• If you choose to re-enroll during Federal Benefits Open Season, (typically mid-November through mid-December), you may carry over up to $660 in unused HCFSA funds to the next plan year.

Let’s Connect:

• NSFL Website

• NSFL Facebook

• NSFL Instagram