Faculty Handbook
Flexible Spending AccountsRevised 5/12/2020
Dependent Care Flexible Spending Accounts (Dependent Care FSA)
The Dependent Care Flexible Spending Account (Dependent Care FSA) is a benefit to help you meet your dependent care expenses, such as; child care, elder care or disabled dependent care. It enables you to save money, on a calendar year basis, by paying for dependent care expenses in pre-tax dollars.
The annual maximum reimbursement for Dependent Care FSA is $5000 per family.
Health Flexible Spending Accounts (Health FSA)
The Health Flexible Spending Account (Health FSA) program is a cost-effective way to pay for medical and dental plan deductibles/copayments, eyeglasses, contact lenses, orthodontics and other health-related expenses that are not covered by insurance. It enables you to save money, on a calendar year basis, by paying for health-related expenses in pre-tax dollars.
The annual maximum reimbursement for Health FSA is $2,700 per eligible employee and $5,400 per household when both the employee and the spouse are MSU employees.
The HealthEquity/WageWorks Healthcare Card lets you electronically access your account funds.
HealthEquity/WageWorks allows participants to use their Health FSA debit card with remaining previous year funds until March 15.
FSA Vendor Information
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.
HealthEquity/WageWorks offers customer support as well as easy-to-use online tools to help you make the most of your FSA. Participants can use the HealthEquity/WageWorks website to access interactive claims, online calculators and view account balances and reimbursement histories.
FSA Important Dates
Flexible Spending Accounts can offer some great tax advantages, but it's important that you are familiar with the program deadlines.
If you have not used all of your funds and submitted your receipts by the required deadlines, IRS code requires that remaining funds be forfeited. It is very important to remember that the deadlines for using funds are different for Dependent Care FSAs and Health FSAs.
Important deadlines to know for 2020 plan year include:
• The deadline to submit receipts for your Dependent Care FSA: April 30, 2021
• The deadline to use your Health FSA funds: March 15, 2021
• The deadline to submit receipts for your Health FSA: April 30, 2021
FSA Forms and Worksheets
To access Health and Dependent Care FSA reimbursement forms, visit the HealthEquity/WageWorks website. You can access your account by entering your username and password. If you have not yet registered, you can follow the link to set up your on-line account.