Serving those who serve South Carolina

MoneyPlus

You can help maximize the money in your paycheck by participating in the MoneyPlus pre-tax flexible benefits program, which is administered by WageWorks. MoneyPlus is a tax-favored accounts program made available through the Internal Revenue Service (IRS) code. If you are an active employee, these accounts save you money on eligible medical and dependent care costs by enabling you to pay these expenses with funds deducted from your salary before it is taxed.

 

The program’s money-saving features include:

  • Pretax Group Insurance Premium feature
  • Flexible spending accounts
  • Health savings account

 

Each account has an administrative charge, which is designed to be minimal compared to your tax savings. If you are a retiree, the only program feature in which you can participate is the Health Savings Account, and you can participate only if you are enrolled in the State Health Plan Savings Plan and are not enrolled in Medicare.

 

Pretax Group Insurance Premium feature

This feature allows you to pay premiums for health, vision, dental and Optional Life (for coverage up to $50,000) before taxes are taken from your paycheck. Once you are enrolled in the pretax premium feature, you do not need to reenroll each year.

 

Flexible spending accounts

Through MoneyPlus you can pay eligible medical and dependent care expenses with money you set aside before it is taxed. You authorize deposits to your MoneyPlus account, which occur every pay period. As you have eligible expenses, you request tax-free withdrawals from your account to reimburse yourself. There are three flexible spending accounts:

 

  • Dependent Care Spending Account
  • Medical Spending Account
  • Limited-use Medical Spending Account (can accompany a health savings account)

 

Members enrolled in the Savings Plan are eligible for an HSA. If you have dependent care and medical expenses, you can establish both a dependent care spending account and a medical spending account (or a limited-use medical spending account, if you contribute to a health savings account.)

 

Health savings account

A health savings account is available to employees enrolled in the Savings Plan and can be used to pay health care expenses. The funds do not have to be spent in the year they are deposited. Money in the account accumulates tax free, so the funds can be used to pay qualified medical expenses in the future. An important advantage of a health savings account is that you own it. If you leave your job, you can take the account with you and continue to use it for qualified medical expenses.

 

More information about MoneyPlus, including eligibility requirements and eligible expenses, is located in the MoneyPlus chapter of the Insurance Benefits Guide.

 

Additional resources

 

 

202 Arbor Lake Drive

Columbia, SC 29223

803.737.6800 | 888.260.9430

Monday-Friday, 8:30 a.m.-5 p.m.

Links

Connect with us

State of South Carolina

S.C. Code of Laws

© 2016 South Carolina Public Employee Benefit Authority

Data classification: public information