Health Flexible Spending Accounts FAQs
The maximum benefit for Health FSA is $2,650 per eligible employee. Before the plan (calendar) year begins you will need to determine your annual election. Utilize the Health FSA Worksheet to help calculate your estimated expenses. A listing of the monthly and bi-weekly pay dates can be found on the Web at http://www.ctlr.msu.edu/COPayroll . You will need to plan carefully as the IRS requires that any unused money left in your account at the end of the plan year be forfeited.
Once you sign up online for the Health FSA, MSU's FSA Plan Administrator will automatically mail you a card.
Yes, provided you have received a prescription from your doctor and submitted it to the pharmacist. You must submit an Health FSA Debit Card Substantiation form along with an itemized receipt to MSU's FSA Plan Administrator.
Yes. However, you still need to submit an Health FSA Debit Card Substantiation form and an itemized receipt to substantiate the claim. You may choose to wait to pay dental claims after you have received your EOB (Explanation of Benefits) to ensure claims are paid correctly.