It is very important to remember that the deadlines for using funds are different for Dependent Care FSAs and Health FSAs. 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. Participants can use the HealthEquity/WageWorks website to access interactive claims, online calculators and view account balances and reimbursement histories.įlexible Spending Accounts can offer some great tax advantages, but it's important that you are familiar with the program deadlines. HealthEquity/WageWorks offers customer support as well as easy-to-use online tools to help you make the most of your FSA. No action is required from FSA participants during this transition and you can continue to use your FSA without disruption. This means you will begin to see co-branding between WageWorks and HealthEquity as these companies join. The IRS determines which expenses can be reimbursed by an FSA. Eligible Expenses You can use your FSA funds to pay for a variety of expenses for you, your spouse, and your dependents. MSU's flexible spending account (FSA) plan administrator, WageWorks, was recently acquired by HealthEquity. Eligible FSA Expenses Find out what products and services are eligible for reimbursement under your FSA. HealthEquity/WageWorks allows participants to use their Health FSA debit card with remaining previous year funds until March 15. The HealthEquity/WageWorks Healthcare Card lets you electronically access your account funds. FLEXIBLE SPENDING ACCOUNT (FSA) with grace period. 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. It enables you to save money, on a calendar year basis, by paying for health-related expenses in pre-tax dollars. 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. Health Flexible Spending Accounts (Health FSA) The annual maximum reimbursement for Dependent Care FSA is $5000 per family. It enables you to save money, on a calendar year basis, by paying for dependent care expenses in pre-tax dollars. 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. Here you'll find everything you need to make informed choices about your Flexible Spending Account Enrollment.ĭependent Care Flexible Spending Accounts (Dependent Care FSA) 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.
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