Welcome to 2024 and your flexible spending account (FSA) funds! If you signed up for a 2024 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 HealthEquity/WageWorks. If this is your first time participating in an FSA, make sure you register for your online HealthEquity/WageWorks account.
If you have a Dependent Care FSA, you can use pre-tax dollars to pay for eligible dependent care services, such as child or adult daycare, preschool, and before/after school programs. Find a complete list of eligible dependent care expenses here.
If you have a Health Care FSA, you can purchase a variety of products and services with pre-tax dollars – which means it’s like a 30% off sale on eligible expenses.1 Find a complete list of eligible health care expenses here. Some items2 you may not know about include:
- Allergy medication
- Anti-bacterial hand sanitizer
- Bandages
- Braces
- Breastfeeding classes
- Cough syrup
- Eyeglasses
- Feminine Care Products
- First-aid kits
- Hearing aids
- Humidifier/air filter
- Pain relievers
- Pregnancy tests
- Prescriptions
- Smoking cessation drugs
- Sunscreen
- Thermometer
To make shopping for eligible health care FSA expenses easier, visit the online FSA Store for the largest selection of guaranteed FSA-eligible products.
Managing Your FSA Account
Managing your HealthEquity account is quick and easy with the 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 2023 FSA?
Not to worry – if you still have funds left over from your 2023 FSA, you have until March 15, 2024, to use these funds and until April 30, 2024, to submit receipts to substantiate these claims.
How Do I Sign Up for an FSA?
Benefits-eligible employees are eligible to enroll in an FSA during Open Enrollment in October each year or if they experience a qualifying life event. Be sure to take note of which FSA you’re interested in for the next Open Enrollment period.
Questions? For more detailed information contact HealthEquity customer service directly at 877-924-3967 or visit the HealthEquity/WageWorks website.
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.