Tax-Advantaged Accounts

The State offers employees the opportunity to save with tax-advantaged accounts, including:

How Do They Work?

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.

Open enrollment is your annual opportunity to enroll in the FSA or DCSA. You can start, change, or stop contributing to the HSA or CollegeBound Saver Plan at any time.

Health Savings Account

Watch the 2025 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 ($1,650 individual/$3,300 family) 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.

Your Benefits Counselor

Can’t decide how much to contribute to your HSA or FSA in 2025? 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

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

For More Information…

For details on your tax-advantaged plans, visit our benefits website.