Tax-Advantaged Accounts
- The Health Savings Account (HSA), for those enrolled in the Anchor Choice Plan
- The Health Care Flexible Spending Account (FSA) or Limited Purpose Health Care FSA
- The Dependent Care Spending Account (DCSA)
- The CollegeBound Saver Plan (after-tax dollars)
When you enroll in a tax-advantaged plan, your HSA, FSA and DCSA contributions are made with pretax dollars. That means the amount of taxable income you have is reduced, so you pay less in taxes. It’s a great way to save on the things you’re already planning to pay for— like health care expenses, child care expenses and even commuting expenses.
Health Savings Account
Watch the 2024 presentation from Blue Cross & Blue Shield of Rhode Island to learn more.
Did You Know?
If you enroll in the Anchor Choice medical plan, you’ll get a health savings account—an account you can contribute to with pretax earnings, saving you money on taxes. Even better? The State also contributes to your account each year to help you cover certain medical expenses, like your deductible and coinsurance. Plus, so long as you keep $1,000 in your HSA, additional contributions can be invested.
Grab & Go: Virtual Learning Center
- Here’s an overview of how the HSA works.
- Learn about how the deductible and out-of-pocket maximum work together for the Anchor or Anchor Plus Plan or the Anchor Choice Plan.
- Still have questions? Here are some answers.
Considering the Anchor Choice Plan?
Watch this video called “The Anchor Choice Plan with HSA: Is It Right for Me?” for info on how the health savings account (HSA) works.
> Can’t decide how much to contribute to your HSA or FSA in 2024? Ask ALEX®, he’s an expert.
Flexible Spending Accounts
To learn more about FSAs, watch this presentation from our FSA administrator, ASIFlex.
Did You Know?
You can elect to open a health care or dependent care account to use pretax dollars to pay for eligible health care or dependent care expenses.
Grab & Go: Virtual Learning Center
- Find out all about the Health Care FSA here.
- Find out all about Health Care FSA Carryover here.
- Find out all about the Dependent Day Care FSA here.
- Refer to this handy resource for a list eligible expenses, including qualifying over-the-counter products and a cost-estimator worksheet.
- Find out everything you need to know about using your ASIFlex Debit Card.
- Still have questions? Here are some answers.
CollegeBound Saver Plan
To find out about how you can set aside dollars to help pay for college and college expenses, watch this overview presentation.
Did You Know?
Enrolling in the CollegeBound Saver doesn’t mean you’re limited to Rhode Island colleges. Your CollegeBound Saver account can be used at eligible colleges, universities, and trade schools worldwide. It can be used to pay for tuition, room and board, books and other school-related expenses.
Grab & Go: Virtual Learning Center
- Schedule a meeting with CollegeBound Saver representative Jennifer McElroy to learn more.
- Register for an upcoming State of Rhode Island webinar.
- Learn how to set up direct deposit for your account.
- Get an overview of the CollegeBound Saver Plan.
Attend a Webinar (live or on-demand)!
Join the CollegeBound Saver webinar on November 15 at 12:00 to learn how to save for education with Rhode Island’s 529 plan. Find out more details and register to attend!
Grab an Extra $100!
Start saving with payroll direct deposit or recurring contributions during November and and CollegeBound Saver will chip in an additional $100 contribution! Find out more.
For More Information…
> For details on your tax-advantaged plans, visit our benefits website.