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Tag: flexible spending account

Save Money on Common Household Expenses with an FSA

Published on September 26, 2023September 26, 2023 by Megan MacGregorLeave a comment

As you review your benefit options for the coming year during Open Enrollment (October 1-31), consider whether a flexible spending account (FSA) makes sense for your family. We all spend money on medical expenses such as prescription and office visit co-pays, dental work, and over-the-counter items like bandages. And many families spend thousands of dollars each year on child or elder care.

If you are looking for ways to save money on caregiving costs and/or medical care expenses, enrolling in an FSA is a sound strategy. An FSA allows you to use pre-tax dollars to pay for eligible expenses, such as child care or health care costs like co-pays or pain medication.  In fact, using FSA funds for these types of expenses can save you an average of 30%!1 

MSU offers benefits-eligible employees the option to enroll in two different types of FSAs: Dependent Care FSA and/or Health Care FSA. You can enroll in one or both FSA plan types. You will manage your FSA directly with MSU’s plan administrator, HealthEquity. 

Should I enroll in both FSA types? 

Good question! The answer depends on what you and your family need. Make sure you know the eligible expenses each FSA plan allows you to use your pre-tax money on before you enroll in one or both plans. 

Dependent Care FSA Eligible Expense Examples: 

  • Child care 
  • Elder care 
  • Virtual or in-person camps 
  • Before/after school programs 
  • Nursery school 
  • Find a complete list of Dependent Care FSA eligible expenses. 

Health Care FSA Eligible Expense Examples: 

  • Medical/dental deductibles and co-pays 
  • Pain medication 
  • Menstrual care products 
  • Bandages 
  • Hearing aids 
  • Allergy medications 
  • Orthodontics 
  • Find a complete list of Health Care FSA eligible expenses. 

Before You Enroll

When you enroll, you’ll decide how much money you’d like to contribute to the FSA. This money will be deducted from your paycheck (pre-tax) and divided over each pay period throughout the plan year. 

Before you enroll, make sure you take some time to understand each plan and estimate how much you are likely to spend on eligible expenses throughout the plan year. We encourage you to plan conservatively; Due to IRS requirements, any unused funds left in your account at the end of the plan year will be forfeited. Learn more about FSAs – including contribution limits, grace period deadlines, and eligible expenses – on the HR FSA webpage. 

Please Note: Due to IRS regulations, you are unable to participate or have a balance in a Health Care FSA if you enroll in the Health Savings Account offered with the Consumer Driven Health Plan.

How to Enroll 

Please review these two FSA plan options and enroll – or re-enroll – in an FSA during the Open Enrollment period in October. If you’re currently enrolled in an FSA for the 2023 plan year, you must re-enroll if you’d like to continue participating in an FSA for the 2024 plan year. Find instructions for how to enroll in an FSA as part of Open Enrollment here.  

Questions? HealthEquity will be available to answer questions at the MSU Benefits Fair on October 12 and HR staff will be available at the HR Site Labs on October 18, 24, and 31. You may also visit the HealthEquity website or call HealthEquity at 877-924-3967. The HR Solutions Center is available at SolutionsCenter@hr.msu.edu or 517-353-4434.

1Example for illustration only. Actual savings vary. The figure is based on average tax rates, including state, federal and FICA taxes. Source: (n.d.). Open Enrollment Center. HealthEquity. Retrieved August 29, 2023, from https://www.healthequity.com/learn

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Categories Benefits News•Tags Benefits, flexible spending account, fsa, open enrollment

Did You Sign Up for an FSA for 2023? Find Tips and Resources to Get Started.

Published on January 9, 2023January 9, 2023 by Megan MacGregorLeave a comment

Welcome to 2023 and your flexible spending account (FSA) funds! If you signed up for a 2023 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 elder 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 – it’s like a 30% off sale on eligible expenses1. Find a complete list of eligible health care expenses here. Some items you may not know about include:

  • Allergy medication
  • Bandages
  • Breastfeeding classes
  • Cough syrup
  • Feminine Care Products
  • First-aid kits
  • Hearing aids
  • Humidifier/air filter
  • Pain relievers
  • Pregnancy tests
  • Reading glasses
  • 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 HealthEquity/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 2022 FSA?

Not to worry – if you still have funds left over from your 2022 FSA, you have until March 15, 2023, to use these funds and until April 30, 2023, to submit receipts to substantiate these claims.

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.

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Categories Benefits News•Tags flexible spending account, fsa

An FSA Can Help You Save Money on Common Household Expenses

Published on September 27, 2022September 27, 2022 by Megan MacGregorLeave a comment

Most families are looking for ways to save money on caregiving costs and/or medical care expenses. As you review your benefit options for the coming year this October during Open Enrollment, consider whether a flexible spending account (FSA) makes sense for your family. An FSA allows you to use pre-tax dollars to pay for eligible expenses, such as child care or health care costs like copays or pain medication.  

In fact, using FSA funds for these types of expenses can save you an average of 30%! 

MSU offers benefits-eligible employees the option to enroll in two different types of FSAs: Dependent Care FSA and/or Health Care FSA. You can enroll in one or both FSA plan types. You will manage your FSA directly with MSU’s plan administrator, HealthEquity. 

Should I enroll in both FSA types? 

Good question! The answer depends on what you and your family need. Make sure you know the eligible expenses each FSA plan allows you to use your pre-tax money on before you enroll in one or both plans. 

Dependent Care FSA Eligible Expense Examples: 

  • Child care 
  • Elder care 
  • Virtual or in-person camps 
  • Before/after school programs 
  • Nursery school 
  • Find a complete list here 

Health Care FSA Eligible Expense Examples: 

  • Medical/dental deductibles and copays 
  • Pain medication 
  • Menstrual care products 
  • Bandages 
  • Hearing aids 
  • Allergy medications 
  • Orthodontics 
  • Find a complete list here 

When you enroll, you’ll decide how much money you’d like to contribute to the FSA. This money will be deducted from your paycheck (pre-tax) and divided over each pay period throughout the plan year. 

Before you enroll, make sure you take some time to understand each plan and estimate how much you are likely to spend on eligible expenses throughout the plan year. We encourage you to plan conservatively; Due to IRS requirements, any unused funds left in your account at the end of the plan year will be forfeited. Learn more about FSAs – including contribution limits, deadlines, and eligible expenses – on the HR website. 

How to Enroll 

Please review these two FSA plan options and enroll – or re-enroll – in an FSA during the Open Enrollment period in October. Find instructions for how to enroll in an FSA as part of Open Enrollment here.  

Questions? Visit the FSA Plan Administrator website or call 877-924-3967. You can reach MSU Human Resources at SolutionsCenter@hr.msu.edu or 517-353-4434. HealthEquity will also be available to answer questions at the MSU Benefits Fair on October 19 and HR staff will be available at the HR Site Labs on October 6 and 31. 

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Categories Benefits News•Tags Benefits, flexible spending account, fsa, open enrollment
photo of a woman working at her laptop with an image of the HealthEquity/WageWorks app open on a cell phone on top.

FSA Deadline Reminder for 2021 Funds

Published on February 9, 2022April 5, 2022 by Megan MacGregorLeave a comment

Do you still have funds left over from your 2021 flexible spending account (FSA)? Good news! If you signed up for a health care FSA, dependent care FSA or both in 2021 and still have funds remaining in your account, you have a grace period in 2022 to use these funds.

The grace period gives you time to purchase new products or services before you forfeit unused 2021 funds. Don’t lose your money! Take note of the following important deadlines:

  • March 15, 2022: this is the last day you can incur qualified expenses on your 2021 FSA plan.
  • April 30, 2022: this is the last day you can submit your claims to HealthEquity/WageWorks, MSU’s FSA plan administrator. You can do this via your HealthEquity/WageWorks account or the WageWorks EZ receipts app.

The IRS requires you to forfeit any unused 2021 funds after the deadline, so be sure to spend your money and submit claims.

If you have a Dependent Care FSA, you can use pre-tax dollars to pay for eligible dependent care services, such as child or elder 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. Find a complete list of eligible health care expenses here. If you need ideas for what to use your health care FSA funds on, check out the FSA store. 

Questions? Please contact HealthEquity/WageWorks directly at 877-924-3967 or visit the HealthEquity/WageWorks website to learn more about how to use your leftover 2021 funds before the deadline. You can learn more about FSAs on the HR website.

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Categories Benefits News•Tags dependent care flexible spending account, flexible spending account, fsa, health care flexible spending account
graphic with various health care and medical items

Did You Sign Up for an FSA for 2022? Find Tips and Resources to Get Started.

Published on January 4, 2022January 4, 2022 by Megan MacGregorLeave a comment

Welcome to 2022 and your flexible spending account (FSA) funds! If you signed up for a 2022 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 elder 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 – it’s like a 30% off sale on eligible expenses1. Find a complete list of eligible health care expenses here. Some items you may not know about include:

  • Allergy medication
  • Bandages
  • Breastfeeding classes
  • Cough syrup
  • Feminine Care Products
  • First-aid kits
  • Hearing aids
  • Humidifier/air filter
  • Pain relievers
  • Pregnancy tests
  • Reading glasses
  • 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/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 2021 FSA?

Not to worry – if you still have funds left over from your 2021 FSA, you have until March 15, 2022, to use these funds and until April 30, 2022, to submit receipts to substantiate these claims.

Questions? For more detailed information contact HealthEquity/WageWorks 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.

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Categories Benefits News•Tags benefit, dependent care fsa, flexible spending account, fsa, health care fsa
graphic with various health care and medical items

Did You Sign Up for an FSA for 2021? Find Tips and Resources to Get Started!

Published on January 12, 2021January 11, 2021 by Megan MacGregorLeave a comment

Welcome to 2021 and your flexible spending account (FSA) funds! If you signed up for a 2021 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 elder daycare, preschool and before/after school programs. 

If you have a Health Care 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
  • Bandages
  • Breastfeeding classes
  • Cough syrup
  • Feminine Care Products
  • First-aid kits
  • Hearing aids
  • Humidifier/air filter
  • Pain relievers
  • Pregnancy tests
  • Reading glasses
  • Smoking cessation drugs
  • Sunscreen
  • Thermometer

You can find a complete list of eligible expenses for both health and dependent care FSA funds on the HealthEquity/WageWorks website2. To make shopping for eligible health care FSA expenses easier, visit the online FSA Store for the largest selection of guaranteed FSA-eligible products. And remember, managing your HealthEquity/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 2020 FSA?

Not to worry – if you still have funds left over from your 2020 FSA, you currently have until March 15, 2021 to use these funds and until April 30, 2021 to submit receipts to substantiate these claims. PLEASE NOTE: MSU is currently reviewing new legislation that may extend these deadlines. If the deadlines are extended, we will be sure to communicate the new date and update the HR website. Find the most up-to-date information about FSAs and deadlines on the HR website.

Questions? For more detailed information contact HealthEquity/WageWorks 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.

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Categories Benefits News•Tags dependent care fsa, flexible spending account, fsa, health care fsa
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Save an Average of 30% on Common Household Expenses

Published on September 29, 2020October 6, 2021 by Megan MacGregorLeave a comment

While your child care and medical care options may have changed during the COVID-19 crisis, many families are still looking for ways to save money on some common household expenses. As you consider what your family may need for the coming year, don’t forget you have benefit options available that may help. A flexible spending account (FSA) allows you to use pre-tax dollars to pay for eligible expenses, such as daycare or health care costs like copays or pain medication. In fact, using FSA funds for these types of expenses can save you an average of 30%!

MSU is happy to offer benefits-eligible employees the option to enroll in two different types of FSAs: Dependent Care FSA and/or Health Care FSA. You can enroll in one or both FSA plan types. You will manage your FSA directly with MSU’s plan administrator, HealthEquity/WageWorks.

Should I enroll in both FSA types?

Good question! The answer depends on what you and your family need. Make sure you know the eligible expenses each FSA plan allows you to use your pre-tax money on before you enroll in one or both plans.

Dependent Care FSA Eligible Expense Examples:

  • Child care
  • Elder care
  • Virtual or in-person camps
  • Before/after school programs
  • Nursery school
  • Find a complete list here

Health Care FSA Eligible Expense Examples:

  • Medical/dental deductibles and copays
  • Pain medication
  • Menstrual care products
  • Bandages
  • Hearing aids
  • Allergy medications
  • Orthodontics
  • Find a complete list here

When you enroll, you’ll decide how much money you’d like to contribute to the FSA. This money will be deducted from your paycheck (pre-tax) and divided over each pay period throughout the plan year.

How to Enroll

We encourage you to review these two FSA plan options and enroll – or re-enroll – in an FSA during the MSU Benefits Open Enrollment period in October. Before you enroll, make sure you take some time to understand each plan and estimate how much you are likely to spend on eligible expenses throughout the plan year. Since it may be difficult to plan your expenses due to the changing nature of the pandemic, we encourage you to plan conservatively. Due to IRS requirements, any unused funds left in your account at the end of the plan year will be forfeited. Learn more about FSAs – including contribution limits, deadlines, and eligible expenses – on the HR website.

Questions? Visit the FSA Plan Administrator website or call 877-924-3967. You can reach MSU Human Resources at SolutionsCenter@hr.msu.edu or 517-353-4434.

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Categories Benefits News, Fun & Resources, Health and Wellness•Tags dependent care fsa, flexible spending account, fsa, health care flexible spending account, health care fsa, MSU Benefits Plus, open enrollment

Money-Saving Tip: Use Your FSA Funds to Prepare for Summer Fun!

Published on July 10, 2020July 9, 2020 by Megan MacGregorLeave a comment

While your summer plans may look a bit different this year due to COVID-19, there are still a variety of fun things you and your family can do while practicing safe social-distancing (read more about safe summer activities on campus here). Whether you’re planning a mini road trip, family picnic, or trip to the lake, if you participate in a flexible spending account (FSA) you can use your funds to help pay for common summer necessities and/or camps for your kids.

Tips for Health Care FSA Funds

Save an average of 30% by using your Health Care FSA funds on the following eligible expenses that double as travel necessities:

  • Allergy medications
  • Blister care kits
  • Bug bite treatments
  • Orthotics/insoles
  • Sun reader eyeglasses
  • Sunscreen
  • SPF lip balm
  • Travel first-aid kits
  • Traveling neck pillows
  • UV detection stickers
  • And more!

Worried about buying something that isn’t considered an eligible expense? Consider shopping at the online FSA Store for worry-free purchases since everything on the FSA Store website is a guaranteed eligible expense. Be sure to check out their monthly coupons and promo codes for additional savings.

Tips for Dependent Care FSA Funds

If you have a Dependent Care FSA, chances are you haven’t been able to use your funds on childcare as much as you originally estimated due to closures from COVID-19. However, don’t forget you can also use these funds on summer camps for your kids. While many places are now offering virtual camp options, some places are still offering in-person activities with special social-distancing measures in place. See if any of the following options may interest your kids:

  • Spartan Youth Programs have a variety of virtual camps and activities for children and teens.
  • Creative kiddos can join the MSU Broad Art Museum online this summer for Sketchbook Club.
  • Join the Wharton at Home Summer Sessions for a variety of online classes in performing arts.
  • The MSU Community Music School is offering virtual summer camp options for kids.
  • While summer camp at Lansing’s Potter Park Zoo has been canceled, they recommend families explore the fun and fascinating world of animals during Virtual Conservation Camp through the Lincoln Park Zoo in Chicago or Zoom-a-Zoo Virtual Camp Crew through Brevard Zoo in Florida.
  • Find a variety of in-person camps in the Lansing area with special social-distancing measures in place on Eventbrite.

If you don’t have an FSA and are wondering if you should participate in one, learn more about the two types of FSAs available to benefit-eligible MSU employees on the HR website and consider enrolling in one or both types during the benefits Open Enrollment period in October this year.

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Categories Benefits News•Tags dependent care fsa, flexible spending account, fsa, health care fsa

Your Health Care Flexible Spending Account: Updates and Money-Saving Tips

Published on May 5, 2020May 5, 2020 by Megan MacGregorLeave a comment

Are you enrolled in a health care flexible spending account (FSA) for the 2020 plan year? A health care FSA is a great tool to help you save money on common household expenses – like first aid kits, sunscreen, or doctor co-pays – since it allows you to use pre-tax money to pay for hundreds of eligible expenses, saving you an average of 30%.

During the current COVID-19 crisis, we know families are thinking about ways to save money while also staying safe by limiting contact with others through social distancing. To help, we’d like to share some tips and updates to your health care FSA to help you stay safe AND save money.

New Items Added to the Eligible Expenses List

Recently, the CARES Act was signed into law, which expanded the list of eligible expenses you can use your health care FSA money on. Newly eligible expenses include popular over-the-counter drugs without a doctor’s prescription and menstrual care products. Find a highlighted list of new items below:

  • Pain relief medications
  • Cold and flu products
  • Allergy products
  • Heartburn medications
  • Menstrual care products
  • Find a complete list of eligible expenses here.

Shop for Eligible Expenses from Home – Delivered Right to Your Door

While you can shop anywhere for eligible expenses, we’d like to remind you of the convenience of using the FSA Store for easy online shopping.

  • FSA-eligibility guarantee: all items on the FSA Store website are guaranteed to be eligible expenses, so you never have to worry about accidently purchasing a product that doesn’t qualify.
  • Save time: if you use your FSA card while shopping on the FSA Store your purchases are automatically substantiated – no need to upload any receipts to your account.
  • Stay safe: shop while practicing safe social distancing, since all items are delivered directly to your door.

Please note that anyone can shop online at the FSA Store, not just people enrolled in a Health Care FSA.

How Can I Enroll in a Health Care FSA?

Benefits-eligible MSU employees have the option to enroll in a health care FSA during Open Enrollment each year in October. Learn more about FSAs on the HR website.

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Categories Benefits News•Tags flexible spending account, fsa, health care flexible spending account, health care fsa, health care spending account

Deadline to Use 2019 FSA Funds Approaching!

Published on February 11, 2020February 11, 2020 by Megan MacGregorLeave a comment

Do you still have funds left over from your 2019 flexible spending account (FSA)? Good news! If you signed up for a health care FSA, dependent care FSA or both in 2019 and still have funds remaining in your account, you have a grace period in 2020 to use these funds.

The grace period gives you time to purchase new products or services before you forfeit unused 2019 funds. Don’t lose your money! Take note of the following important deadlines:

  • March 15, 2020: this is the last day you can incur qualified expenses on your 2019 FSA plan.
  • April 30, 2020: this is the last day you can submit your claims to WageWorks, MSU’s FSA plan administrator. You can do this via your WageWorks account or the WageWorks EZ receipts app. Need help submitting claims? Try out the live chat option within your online WageWorks account – it’s available 24/7.

The IRS requires you to forfeit any unused 2019 funds after the deadline, so be sure to spend your money and submit claims. If you need ideas for what to use your health care FSA funds on, check out the FSA store or the article on Tips to Use Your FSA Funds.

Questions? Contact WageWorks at 877-924-3967 or visit the WageWorks website to learn more about how to use your leftover 2019 funds before the deadline. Learn more about FSAs on the HR website

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Categories Benefits News•Tags deadline, flexible spending account, fsa

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