Don't leave money on the table. MoneyPlus is a tax-favored accounts program, which allows you to save money on eligible medical and dependent care costs. You elect to contribute an annual amount from your salary, and it is deducted from your paycheck, before taxes. You can use these funds to pay your eligible medical and dependent care expenses. As you incur eligible expenses during the plan year, you request reimbursement. ASIFlex administers the MoneyPlus program.
This feature allows you to pay insurance premiums for health, vision, dental and up to $50,000 of Optional Life coverage before taxes come out of your paycheck. Once you enroll, you do not need to re-enroll each year.
Dependent Care Spending Account
A Dependent Care Spending Account (DCSA) allows you to pay for daycare costs for children and adults with pretax income. It cannot be used to pay for dependent medical care. You submit claims for reimbursements as you have eligible expenses. The funds can be used only for expenses incurred during the plan year. If you have money left in your account on December 31, you have until March 15 to
spend funds deposited during the plan year. You will have until March 31 to request reimbursement from your previous year's funds for
expenses incurred on or before March 15. You forfeit funds left in your account after the reimbursement deadline. You must re-enroll in a DCSA each year.
Standard Plan members
Medical Spending Account
A Medical Spending Account (MSA) allows you to pay eligible medical expenses with pretax income. This includes copayments and coinsurance. MSAs offer the ASIFlex Card, which functions like a debit card. You can use this card to spend funds as an alternative to submitting claims for reimbursement. If you have money left in your account on December 31, you can carry over up to $500 of those funds into the next plan year. You will have until March 31 to request reimbursement from your previous year's funds for
expenses incurred on or before December 31.
Once you sign up for an MSA and decide how much to contribute, the entire amount is available on January 1. You do not have to wait for funds to accumulate in your account before being reimbursed for eligible medical expenses. You must re-enroll each year.
Savings Plan members
Health Savings Account
A Health Savings Account, or HSA, is essential to help you prepare for your health expenses. Here are some advantages of an HSA:
Carry over funds from one year to the next.
You own the account and keep it if you leave your job or retire.
While there is an annual contribution limit, there's no limit to how much you can save in your account.
You can invest funds to earn investment income tax-free.
Once you enroll in an HSA, you don't need to re-enroll each year. To contibute pretax funds from your paycheck, you must also open a bank account with Central Bank, the HSA custodian bank.
Limited-use Medical Spending Account
If you have an HSA, you can also enroll in a Limited-use Medical Spending Account. A Limited-use MSA covers those expenses the Savings Plan does not cover, like dental and vision care. This account works the same as a traditional MSA and you must re-enroll each year.
2019 Contribution limits and reimbursement deadlines
1 The contribution limit is capped at $1,700 for highly compensated employees.
Enrollment and fees
You can enroll in MoneyPlus during your initial enrollment, open enrollment in October or a special eligibility situation. There are monthly administrative fees for each account.
WageWorks was the administrator of the MoneyPlus program in 2018. You will continue to submit claims for your 2018 expenses to WageWorks. The deadline to submit claims is March 31, 2019. Keep in mind, however, the deadline to incur expenses differs for each account.
MSA – You can incur expenses through March 15, 2019.
DCSA – You can incur expenses through December 31, 2018.
If you have questions about 2018 claims, contact WageWorks at 800.342.8017.