You must be eligible for state group insurance benefits to participate in MoneyPlu$. However, you are not required to be enrolled in an insurance program in order to participate in MoneyPlu$.
Pretax Group Insurance Premium Feature — You pay your health plan, dental plan and Optional Life (for coverage up to $50,000) premiums before taxes are taken out of your paycheck. This means you do not have to pay taxes on the dollars you use to pay these premiums.
Dependent Care Spending Account* — A Dependent Care Spending Account (DCSA) allows you to pay for daycare costs for children and adults with pretax income. It cannot be used to pay for dependent medical care. You submit cliams for reimbursements as you have eligible expenses. The funds can be used only for expenses incurred during the plan year. If you have money left in your account on December 31st, you have until March 15th to spend funds deposited during the plan year. You have until March 31st to request reimbursement from your previous year's funds for expenses incurred on or before March 15th. You forfeit funds left in your account after the reimbursement deadline. You must re-enroll in DCSA each year during the enrollment period (October 1st-31st) to continue for the next plan year.
Medical Spending Account* — A Medical Spending Account (MSA) allows you to pay eligible medical expenses with pretax income. This includes copayments and coinsurance. MSAs offer the ASIFlex Card, which functions like a debit card. You can use this card to spend funds as an alternative to submitting claims for reimbursement. If you have money left in your account on December 31st, you can carry over up to $500 of those funds into the next plan year. You will have until March 31st to request reimbursement from your previous year's funds for expenses incurred on or before December 31st.
Once you sign up for an MSA and decide how much to contribute, the entire amount is available on January 1st. You do not have to wait for funds to accumulate in your account before being reimbursed for eligible medical expenses. You much re-enroll each year. Enrollment and re-enrollment must be done during the enrollment period (October 1st-31st) for the next plan year.
Health Savings Account — The HSA is available to subscribers enrolled in the SHP Savings Plan and can be used to pay healthcare expenses. Unlike money in a MoneyPlu$ Medical Spending Account, the funds do not have to be spent in the year they are deposited. Money in the account accumulates tax free, so the funds can be used to pay qualified medical expenses in the future. An important advantage of the HSA is that you own it. If you leave your job, you can take the account with you and continue to use it for qualified medical expenses. ASIFlex charges a monthly administrative fee of $1.00, which is deducted from your paycheck before taxes. Our HSA vendor, Central Bank, also charges a $1.25 per month fee directly from your health savings account.
Limited-Use Medical Spending Account — Participants enrolled in a Health Savings Account may also participate in a Limited-Use MSA for expenses not covered by the SHP Savings Plan, including dental and vision care expenses. It cannot be used for deductibles, coinsurance, co-payments and other out-of-pocket medical expenses. Except for the restriction on what kinds of expenses are reimbursable, a MoneyPlu$ Limited-Use MSA works the same way as a Medical Spending Account.
*Enrollment in a Dependent Care Spending Account and/or Medical Spending Account is subject to $2.32 each pre-tax monthly administrative fee.