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Flexible Spending Accounts

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. The monthly administrative fee for deducting medical, dental and Optional Life premiums before taxes is $0.28, which is deducted from your paycheck before taxes are deducted.

Dependent Care Spending Account* – This allows you to pay for dependent-care expenses with your pretax income. You may set aside up to $5,000 annually to pay your dependent-care expenses. You may enroll within 31 days of your date of hire. You must, however, re-enroll during the enrollment period (October 1-31) to continue for the next plan year.

Medical Spending Account* – To be eligible for the Medical Spending Account, you must have completed one year of continuous state service by January 1 following an enrollment period. With this feature, you may set aside up to $2500 annually to pay for you and your family's out-of-pocket medical and dental expenses. Enrollment and re-enrollment must be done during the enrollment period (October 1-31) 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. WageWorks charges a monthly administrative fee of $1.50, which is deducted from your paycheck before taxes.  Our HSA vendor, Optum, also charges a $1.50 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 one $3.14 pre-tax monthly administrative fee.

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Rock Hill, SC 29733, USA
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