Are you leaving money on the table? MoneyPlus is a tax-favored accounts program that allows you to save money on eligible medical and dependent care costs. You fund the accounts with money deducted pretax from your paycheck. ASIFlex administers the MoneyPlus program.
This feature allows you to pay insurance premiums for health, vision, dental and up to $50,000 of Optional Life coverage before taxes come out of your paycheck. With this feature, you benefit from having less taxable income in each of your paychecks, which means you have more spendable income. Once you enroll, you do not need to re-enroll each year.
A Dependent Care Spending Account allows you to pay for daycare costs for children and adults. It cannot be used to pay for dependent medical care. You submit claims for reimbursements as you have eligible expenses. You can use your funds for expenses incurred January 1 to March 15 of the following year. You have until March 31 to request reimbursement from your previous year's funds, and will forfeit funds left in your account after the reimbursement deadline. You must re-enroll each year.
The Standard Plan works great with a Medical Spending Account (MSA). Use your MSA to pay for eligible medical expenses, including copayments and coinsurance. As you have eligible expenses, you can use the ASIFlex Card, which works like a debit card. You can also submit claims for reimbursement. Once you sign up for an MSA and decide how much to contribute, the entire amount is available on January 1. You do not have to wait for funds to accumulate in your account before being reimbursed for eligible medical expenses.
You can use your funds for expenses incurred January 1 to December 31. You have until March 31 to request reimbursement from your previous year's funds. If you have money left in your account on December 31, you can carry over up to $550 of those funds into the next plan year. You must re-enroll each year.
The Savings Plan is designed to go hand in hand with a Health Savings Account, or HSA. An HSA is essential to help you prepare for your health expenses.
- Pay for out-of-pocket medical expenses, such as deductibles and prescriptions.
- Carry over all funds from one year to the next.
- You own the account and keep it if you leave your job or retire.
- While there is an annual contribution limit, there's no limit to how much you can save in your account.
- Once your account balance reaches $1,000, you can invest funds to earn investment income tax-free.
To complete your enrollment, you must also open a bank account with Central Bank, the HSA custodian bank. Once you enroll in an HSA, you don't need to re-enroll each year, but you can change your contribution amount anytime throughout the year, up to once per month.
If you have an HSA, you can also enroll in a Limited-use Medical Spending Account (MSA). You can use a Limited-use MSA to pay for those expenses the Savings Plan does not cover, like dental and vision care. This account works the same as a traditional MSA and you must re-enroll each year.
You can enroll in MoneyPlus during:
- Your initial enrollment;
- Open enrollment in October; or
- A special eligibility situation.
|Limits for 2020|
|Medical Spending Account||$2,750|
|Health Savings Account||$3,550 (self-only coverage)
$7,100 (family coverage)
$1,000 (catch-up for ages 55 and older)
|Limited-use Medical Spending Account||$2,750|
|Dependent Care Spending Account1||$2,500 (married, filing separately)
$5,000 (single, head of household)
$5,000 (married, filing jointly)
|Medical Spending Account||$2.32|
|Health Savings Account||$1.00|
|Limited-use Medical Spending Account||$2.32|
|Dependent Care Spending Account||$2.32|
|Central Bank (HSA)|
|Maintenance fee (balances less than $2,500)||$1.25|
|Grace period for 2020||Deadline for 2020|
|Medical Spending Account||None||March 31, 2021|
|Limited-use Medical Spending Account||None||March 31, 2021|
|Dependent Care Spending Account||March 15, 2021||March 31, 2021|
1Contribution limit for highly compensated employees is $1,700.