flexible spending accounts
- Review the COVID-19 FAQs for Participants and Beneficiaries to understand your rights and responsibilities related to the coronavirus.
- Review the following updates to flexible spending accounts.
FSA Plan Administrator Update : MSU’s flexible spending account (FSA) plan administrator, WageWorks, was recently acquired by HealthEquity. This means you will begin to see co-branding between WageWorks and HealthEquity as these companies join. No action is required from FSA participants during this transition and you can continue to use your FSA without disruption. Learn more about this transition.
Flexible Spending Accounts (FSA) help you save money by allowing you to use pre-tax dollars to pay for eligible expenses. Participants save an average of 30% on eligible expenses. MSU’s FSA vendor is HealthEquity/WageWorks and they offer two kinds of FSAs. The Health Care FSA can be used for eligible medical expenses. The Dependent Care FSA can be used for eligible child and dependent care expenses (daycare). Eligible MSU employees have the option to enroll in these FSAs during Open Enrollment each year in October or after a qualifying life event.
Access & Manage Your FSA Account
HealthEquity/WageWorks offers customer support and online tools to help you manage your FSA. To access your account, visit the HealthEquity/WageWorks website and login/register. Register for your account with your name, birthdate, home zip code and ID code (last 4 digits of your social security number).
The easiest option to manage your FSA is to download the WageWorks EZ Receipts app – check your balance, submit claims, snap and submit photos of your receipts all from your mobile device! Use can also manage your FSA from your account on the HealthEquity/WageWorks website.
Questions? Contact HealthEquity/WageWorks directly:
- HealthEquity/WageWorks website
- Download the WageWorks EZ Receipts app for Apple/Android mobile devices.
There Are Two FSA Plans You Can Enroll In:
1. Health Care FSA
The Health Care FSA helps you save money by allowing you to use pre-tax dollars to pay for eligible medical expenses, such as medical and dental plan deductibles/copays, eyeglasses, contact lenses, orthodontics and other health-related expenses that are not covered by insurance.
Annual Maximum Contributions
2019: $2650 per eligible employee
2020: $2700 per eligible employee
For spouses who both work at MSU and are eligible, this means each spouse may contribute up to the maximum contribution amount.
2. Dependent Care FSA
The Dependent Care FSA helps you save money by allowing you to use pre-tax dollars to pay for eligible dependent care services, such as child or elder daycare, preschool, summer day camp, and before/after school programs. The annual maximum reimbursement is $5,000 per family. Learn how Dependent Care FSAs work.
FSA Eligible Expenses
Find info about eligible expenses on the HealthEquity/WageWorks website using links below:
How Much Should I Deposit in My FSA?
The following are worksheets that will assist you in determining the amount to deposit in your account when you initially enroll in an FSA during Open Enrollment in October or after a qualifying life event:
FSA Important Deadlines
FSAs help you save money on eligible expenses, but please note important deadlines. If you have not used your funds and/or submitted your receipts by the required deadlines, IRS code requires that remaining funds be forfeited. Read more about IRS guidelines here.
2019 Program Year Deadlines
- The deadline to use your Dependent Care FSA funds: March 15, 2020
- The deadline to submit receipts for your Dependent Care FSA: December 31, 2020
- The deadline to use your Health Care FSA funds: March 15, 2020
- The deadline to submit receipts for your Health Care FSA: December 31, 2020
2020 Program Year Deadlines
- The deadline to use your Dependent Care FSA funds: March 15, 2021
- The deadline to submit receipts for your Dependent Care FSA: April 30, 2021
- The deadline to use your Health Care FSA funds: March 15, 2021
- The deadline to submit receipts for your Health Care FSA: April 30, 2021
FSA Forms to Help Manage Your FSA
The easiest option to manage your FSA is to download the WageWorks EZ Receipts app – check your balance, submit claims, snap and submit photos of your receipts all from your mobile device! You can also manage your FSA from your account on the HealthEquity/WageWorks website. Most participants use one of the two electronic options to substantiate their claims for faster service and convenience. If you prefer to submit a claim via fax or mail, use the following forms:
The Heroes Earnings Assistance and Relief (HEART) Act
Members of a reserve component of the U.S. military that are ordered or called to active duty for a period of 180 days or more or for an indefinite period may withdraw, on a taxable basis, up to the unspent balance of your contributions made to your health care flexible spending account. A Qualified Reservist Distribution (QRD) payment can be requested. Use the HEART Reimbursement Act Form to request a Qualified Reservist Distribution payment.
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