Welcome to 2020 and your flexible spending account (FSA) funds! If you signed up for a 2020 FSA during Open Enrollment last October, you’re on your way to saving money on out-of-pocket medical and/or dependent care expenses. MSU’s FSA plan administrator is WageWorks. If this is your first time participating in an FSA, make sure you register for your online WageWorks account.
If you have a Health FSA, you can purchase a variety of products and services with pre-tax dollars – it’s like a 30% off sale on eligible expenses1. Some items you may not know about include:
- Allergy medication
- Breastfeeding classes
- Cough syrup
- Dyslexia treatment
- First-aid kits
- Guide dog
- Hearing aids
- Humidifier/air filter
- Pain relievers
- Pregnancy tests
- Reading glasses
- Smoking cessation drugs
You can find a complete list of eligible expenses for both health and dependent care FSA funds on the WageWorks website2. To make shopping for eligible expenses easier, visit the online FSA Store for the largest selection of guaranteed FSA-eligible products. And remember, managing your WageWorks account is quick and easy with the WageWorks EZ receipts app. You’ll love the convenience of submitting claims, uploading receipts and checking account balances directly from your phone.
What if I still have funds left over from my 2019 FSA?
Not to worry – if you still have funds left over from your 2019 FSA, you have until March 15, 2020 to use these funds and until April 30, 2020 to submit claims. Find more information on the HR website.
Questions? For more detailed information contact WageWorks at 877-924-3967 or visit the WageWorks website. For plan eligibility questions contact the HR Solutions Center at SolutionsCenter@hr.msu.edu or 517-353-4434.
1 Assumes a combined tax rate of 30%, including FICA, state, and federal income taxes. Actual amounts may vary.
2 Some items may require a doctor’s prescription or other documentation from your doctor. Please see your account details for more information.