Faculty Handbook

Flexible Spending Accounts

Revised 5/31/2018

VII. FACULTY AND ACADEMIC STAFF BENEFIT AND RETIREMENT PROGRAMS

Flexible Spending Accounts enable you to save money by paying for some expenses in pre-tax dollars. Here you'll find everything you need to make informed choices about your Flexible Spending Account Enrollment.

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 $2,600 per eligible employee and $5,200 per household when both the employee and the spouse are MSU employees.

The WageWorks® Healthcare Card lets you electronically access your account funds.

WageWorks allows participants to use their Health FSA debit card with remaining previous year funds until March 15.

FSA Vendor Information

WageWorks, a leading provider of consumer-directed benefits in the United States will administer MSU's Flexible Spending Account (FSAs). FSA enrollees will receive a WageWorks® Healthcare Card .

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 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 2018 plan year include:

• The deadline to use your Dependent Care FSA funds: March 15, 2019

• The deadline to submit receipts for your Dependent Care FSA: April 30, 2019

• The deadline to use your Health FSA funds: March 15, 2019

• The deadline to submit receipts for your Health FSA: April 30, 2019

FSA Forms and Worksheets

To access Health and Dependent Care FSA reimbursement forms, visit wageworks.com. 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. 

The following are worksheets that will assist you in determining the amount to deposit in your account when you initially enroll:
 
Dependent Care FSA Worksheet - to help determine amount to deposit
Health FSA Worksheet - to help determine amount to deposit
 
The Heroes Earnings Assistance and Relief (HEART) Act
If you are a member of a reserve component of the U.S. military and are ordered or called to active duty for a period of 180 days or more or for an indefinite period, you may withdraw, on a taxable basis, up to the unspent balance of your contributions made to your healthcare flexible spending account. A Qualified Reservist Distribution (QRD) payment can be requested. To request a Qualified Reservist Distribution payment use the: HEART Reimbursement Act Form.

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