Are you leaving money on the table? MoneyPlus is a tax-favored accounts program that allows you to save money on eligible medical and dependent care costs. You fund the accounts with money deducted pretax from your paycheck. ASIFlex administers the MoneyPlus program. This benefit is only available to active employees.
This feature allows you to pay insurance premiums for health (including the tobacco-use premium), vision, dental and up to $50,000 of Optional Life coverage before taxes come out of your paycheck. With this feature, you benefit from having less taxable income in each of your paychecks, which means you have more spendable income. Once you enroll, you do not need to re-enroll each year.
A Dependent Care Spending Account allows you to pay for daycare costs for children and adults. It cannot be used to pay for dependent medical care. You submit claims for reimbursements as you have eligible expenses. You can use your funds for expenses incurred January 1 to March 15 of the following year. You have until March 31 to request reimbursement from your previous year's funds, and will forfeit funds left in your account after the reimbursement deadline. You must re-enroll each year.
The Standard Plan works great with a Medical Spending Account (MSA). Use your MSA to pay for eligible medical expenses, including copayments and coinsurance. As you have eligible expenses, you can use the ASIFlex Card, which works like a debit card. You can also submit claims for reimbursement. 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 can use your funds for expenses incurred January 1 to December 31. You have until March 31 to request reimbursement from your previous year's funds. If you have money left in your account on December 31, you can carry over up to $610 of those funds into the next plan year. You must re-enroll each year.
If you have a Health Savings Account (HSA), you can also enroll in a Limited-use Medical Spending Account (MSA). You can use a Limited-use MSA to pay for those expenses the Savings Plan does not cover, like dental and vision care. Doing so allows you to save your HSA funds for future medical expenses. This account works the same as a traditional MSA and you must re-enroll each year.
You can enroll in MoneyPlus during:
- Your initial enrollment;
- Open enrollment in October; or
- A special eligibility situation.
|Limits for 2023|
|Medical Spending Account||$3,050|
|Limited-use Medical Spending Account||$3,050|
|Dependent Care Spending Account1||$2,500 (married, filing separately)|
$5,000 (single, head of household)
$5,000 (married, filing jointly)
|Medical Spending Account||$2.32|
|Limited-use Medical Spending Account||$2.32|
|Dependent Care Spending Account||$2.32|
|Grace period for 2023||Deadline for 2023|
|Medical Spending Account||None||March 31, 2024|
|Limited-use Medical Spending Account||None||March 31, 2024|
|Dependent Care Spending Account||March 15, 2024||March 31, 2024|
1Contribution limit for highly compensated employees is $1,600.