MoneyPlus is a tax-favored accounts program, which allows you to save money on eligible medical and dependent care costs. Employees can pay eligible expenses before taxes and increase their take-home pay. WageWorks administers the MoneyPlus program.
This feature allows you to pay insurance premiums before taxes come out of your paycheck for:
Up to $50,000 of Optional Life coverage.
Once you enroll in the pretax premium feature, you do not need to re-enroll each year.
Flexible spending accounts
You authorize deposits from each paycheck to your MoneyPlus account. As you have eligible expenses, you request tax-free withdrawals from your account. You can only request reimbursement for expenses incurred during the plan year. Funds left in your account after the reimbursement deadline are forfeited. There are three flexible spending accounts. You must re-enroll in flexible spending accounts each year.
Dependent Care Spending Account
A Dependent Care Spending Account allows you to pay dependent care expenses with pretax income. This account is only for daycare costs for children and adults. It cannot be used to pay for dependent medical care.
Medical Spending Account
A Medical Spending Account (MSA) allows you to pay eligible medical expenses with pretax income. This includes copayments and coinsurance. An MSA is available to Standard Plan members.
Limited-use Medical Spending Account
Savings Plan members who have a Health Savings Account can enroll in a Limited-use Medical Spending Account. A Limited-use MSA covers those expenses the Savings Plan does not cover, like dental and vision care.
Health Savings Account
A Health Savings Account, or HSA, is available to Savings Plan members. Advantages of an HSA include:
The ability to carry over funds from one year to the next. You do not have to spend the funds in the year you deposited them. Money from your paycheck accumulates in the account tax-free. You can then use the funds to pay for future qualified medical expenses at any time.
The ability to take your account with you. The money in your account belongs to you. If you leave your job, you can take the account with you and continue to use it for qualified medical expenses.
The ability to invest funds when an account balance is past a certain threshold. This allows you to earn investment income tax-free.
Once you enroll in a health savings account, you don't need to re-enroll each year. You can open a health savings account through Optum Bank using Group Number HB2470.
Contribution limits and reimbursement deadlines
1 These are 2017 contribution limits and may change subject to IRS guidelines.
2 The contribution limit is capped at $1,700 for highly compensated employees.
Enrollment and fees
You can enroll in MoneyPlus during:
Your initial enrollment;
Open enrollment in October; or
A special eligibility situation.
If you participate in MoneyPlus, monthly administrative fees are deducted from your paycheck.
3 Fee is waived for accounts with balances of $2,500 or more.