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UNIVERSITY  HR

Flexible Spending Accounts

MoneyPlu$ is a tax-favored program that allows employees to pay for eligible medical and dependent care costs with funds deducted from your salary before it is taxed. 

Pre-Tax Premium Feature                   

This feature allows you to pay for health, dental, vision and up to $50,000 of optional life insurance premiums from your check before taxes.  The coverage amount over $50,000 is subject to IRS imputed income rates. 

Medical Spending Account (MSA)
You have to be employed for one year to be eligible to enroll during open enrollment.  You authorize deposits to a MSA each month with money taken from your check before taxes.  As you incur eligible healthcare expenses, you request tax-free withdrawals from your account to reimburse yourself.  You may also use the EZ Reimburse card point-of-sale to pay for eligible expenses.  The cost for this card is $10 per year.  The IRS allows you to reimburse for services until March 15th of the following year in which the money was deducted from your check.  Estimate your expenses carefully because any money remaining after March 15th will not be returned to you. 

Dependent Care Account (DCA)
You authorize deposits to a DCA each month with money taken from your paycheck before taxes.  As you incur eligible expenses for care of dependents under age 13, you request tax-free withdrawals from your account to reimburse yourself.  You may only reimburse yourself for what has been deposited from your check that month.The IRS allows you to reimburse for services from January through December in the year the money was deducted.  Estimate your expenses carefully because any money remaining after December 31st will not be returned to you. 

Health Savings Account (HSA)

This account is available only to employees enrolled in the State Savings Plan.  Money is deducted from your check before taxes and deposited into a interest-bearing checking account with the Wells Fargo. You may pay for eligible health care expenses from this account.  Unlike the MSA, money in the account does not have to be spent within the year it is deposited. Contribution amounts can be changed any time during the year. 


To enroll in an HSA, please follow the following steps:
1. Contact your Benefits Counselor to complete the MoneyPlus enrollment form
2. Apply online for the account; print and sign the application
3. Mail the signed application with two appropriate forms of identification to the specified address
4. Once the application is approved, you will receive a letter in the mail containing account information and a debit card for the account 7-10 days later

Feature

Cost

Maximum

Enrollment

Pretax Premiums      

$0.28/month

n/a

At hire;every October

Medical Spending Account

$3.14/month

$2,500

Every October or qualifying event after 1 year of service

Dependent Care Account

$3.14/month

$5,000

At hire; every October; qualifying event

Health Savings Account

$2.00/month

Based on insurance coverage

At hire; every October


Please see the Insurance Benefits Guide for a detailed overview of MoneyPlu$.

 
 
 

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