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
- Breastfeeding classes
- Cough syrup
- Feminine Care Products
- First-aid kits
- 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 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.