Open Enrollment for the New Jersey State Employees Tax Savings Program (Tax$ave)

Open Enrollment for the New Jersey State Employees Tax Savings Program (Tax$ave)

The annual New Jersey State Employees Tax Savings Program (Tax$ave) Open Enrollment for Plan Year 2025 has started. It will end October 31, 2024.

A benefit program available under Section 125 of the Federal Internal Revenue Code (IRC), Tax$ave offers full time employees the opportunity to increase their available income by reducing their federal tax liability. Full-time employees of the State, who are eligible for participation in the New Jersey State Health Benefits Program (SHBP), may participate in Tax$ave regardless of whether they are enrolled in Horizon or Aetna medical plans.

The Unreimbursed Medical and/or Dependent Care Flexible Spending Accounts (FSA) allow employees to set aside money to pay for out-of-pocket medical, dental, and dependent care expenses while saving on taxes because the money contributed to the account is free from federal income, Social Security, and Medicare taxes, and remains tax-free when an employee receives it.

Horizon MyWay administers the Tax$ave Unreimbursed Medical and Dependent Care FSAs for the NJDPB. Prior participation in a Tax$ave FSA in 2024 does not carry over automatically into 2025. Employees must enroll with Horizon MyWay during Open Enrollment to participate in an FSA in 2025.

ENROLLING IN A FLEXIBLE SPENDING ACCOUNT

Employees have four ways of enrolling in Tax$ave FSA accounts during the Open Enrollment: online, phone, fax, or mail.

• Online: Employees can enroll in the Unreimbursed Medical and/or Dependent Care FSA plans online at: http://www.horizonblue.com/enrollfsa The deadline for online enrollment is midnight, October 31, 2024.
• Phone: You may call Horizon MyWay at 1-866-999-3531 to enroll over the phone. The deadline for phone enrollment is October 31, 2024.
• Fax: FSA Enrollment Forms may be faxed by the employee to 1-866-231-0214. The deadline for accepting faxed enrollment forms is midnight, October 31, 2024.
• Mail: FSA Enrollment Forms can be mailed by the employee directly to Horizon MyWay, P.O. Box 14836, Lexington, KY 40511. To be accepted, enrollment forms must be postmarked no later than October 31, 2024. Forms postmarked after October 31, 2024, will be returned without action.

Employer benefits offices are not involved in processing or mailing FSA Enrollment Forms.

I have attached the following documents for your review:

• The Tax$ave Newsletter which outlines the components of the program with an emphasis on its tax saving advantages, and identifies the October 31, 2024, deadline for submission of all enrollment materials
• The Premium Option Plan (POP) Flier explains the advantages and disadvantages of participation
• The FSA Quick Reference Guide describes the Unreimbursed Medical and Dependent Care FSAs administered by Horizon MyWay
• The FSA Enrollment Form is available for those who wish to complete a paper application.

Thank you and have a nice day.

Nicola Skeet

HR Generalist- Employee Benefits Coordinator

Phone 973-720-2624

Email: skeetn@wpunj.edu