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Flexible Spending Account

A Flexible Spending Account, or FSA, is an important part of MSU’s overall benefit package. Through the plan, you can set aside a portion of your earnings, tax-free, for everyday expenses you may have with:

  • Dependent day care expenses
  • Out-of-pocket medical expenses including health, dental, vision and prescription drug expenses
 

When you choose to participate in this benefit program, it does not change your insurance benefits, it merely affects the way you pay your dependent day care and out-of-pocket medical expenses. You work hard for your money! Take advantage of the powerful benefits this plan has to offer. By participating in this plan you can increase your spendable income.

 

How does it work?

When you enroll in the FSA plan, the amounts you elect are automatically deducted from your paycheck on a pre-tax basis. The money is held until you have a qualified expense. You can pay using your Healthy Equity card or simply file a claim with Healthy Equity. There are many options available for submitting claims and all are quick and easy and provide fast turnaround. The claim is reviewed and tax-free reimbursements are made to you by check or direct deposit to a bank account of your choice. You can even view the status of your account online.
 

You will have until March 15 following the end of calendar plan year to incur qualified expenses and then until June 13 to file your claims. After these deadlines, any funds left in your account will be forfeited.

 

Health Equity Card (Debit Card)

Your Health Equity card provides instant access to account funds. The card can be used at most medical, dental, vision, pharmacy or day care locations that accept Visa. The debit card can only be used for eligible products and services as defined by IRS regulations.
 

Contact health Equity

Health Equity
15 W Scenic Pointe Dr., Ste 100
Draper, UT 84020

 

Restrictions on Over-the-Counter Medications

Effective Jan. 1, 2011, the Health Care Reform Law, signed by President Obama, does not allow an FSA (or HRA) Plan to reimburse plan participants for expenses paid for over-the-counter (OTC) medications, unless prescribed by a physician. Note that this change does not impact any prescription medications purchased at the pharmacy or through your mail order provider. Those will continue to be reimbursable through your Flexible Spending Account debit card.
 

How will these new restrictions affect my debit card usage?

It is our understanding that the debit card will no longer accept OTC drug and medication purchases effective Jan. 1, 2011. The cards can still be used for prescriptions at all pharmacies who are IIAS compliant throughout the country (i.e. Walgreen’s, Walmart, Target, etc.) The debit card can continue to be used for payment of office co-pays, balance due amounts from a provider, dental expenses, and vision expenses.

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