Flexible Spending Accounts

MoneyPlu$ is a tax-favored program that allows employees to pay for eligible medical and dependent care costs with funds deducted from your salary before it is taxed.

Pre-Tax Premium Feature

The Pretax Group Insurance Premium feature allows you to pay insurance premiums for MUSC health plan, vision, dental and up to $50,000 of Optional Life coverage before taxes come out of your paycheck. If you participate in this feature, your premiums will be taken before taxes, thus lowering your taxable income. Once you enroll, you do not need to re-enroll each year.

Medical Spending Account (MSA)

An MSA allows you to set aside pre-tax dollars for health, dental, vision and prescription type expenses. You authorize deposits to a MSA each month with money taken from your check before taxes. As you incur eligible health care expenses, you request tax-free withdrawals from your account to reimburse yourself. You may also use the ASIFlex Debit Card to pay for eligible expenses. The IRS allows you to reimburse for services until March 31st of the following year in which the money was deducted from your check. Estimate your expenses carefully because any money remaining after March 31st will not be returned to you.

MSA participants can roll over up to $500 to the following plan year. Review the PEBA MSA Flyer, the MSA FAQs Flyer, the Moneyplus Claim Form and the ASIFlex Card FAQs.

Dependent Care Account (DCA)

A DCA allow you to set aside pre-tax dollars from your paycheck for daycare related expenses. You authorize deposits to a DCA each month with money taken from your paycheck before taxes. As you incur eligible expenses for care of dependents under age 13, you request tax-free withdrawals from your account to reimburse yourself. You may only reimburse yourself for what has been deposited from your check that month. The IRS allows you to reimburse for services from January through December in the year the money was deducted. Estimate your expenses carefully because you only have until March 15th of the following year to incur expenses. You have until March 31st of the following year to submit for reimbursement. Review the PEBA DCA Flyer, Moneyplus Claim Form and the DCA FAQs Flyer.

2019 DCA Funds

The claims period for 2019 DCSA claims is extended through December 31, 2020. This means DCSA participants can use their remaining 2019 funds for expenses they incur through December 31, 2020. It’s important to note that participants can claim an expense only once; they cannot claim the same expense for 2019 funds and 2020 funds.

Health Savings Account (HSA)

This account is available only to employees enrolled in the State Savings Plan. Money is deducted from your check before taxes and deposited into a interest-bearing checking account with Optum Bank. You may pay for eligible health care expenses from this account. Unlike the MSA, money in the account does not have to be spent within the year it is deposited. Contribution amounts can be changed any time during the year. Review the HSA FAQs Flyer.

To enroll in an HSA, please follow these steps:

  1. Contact your Benefits Counselor to complete the MoneyPlus enrollment form.
  2. Apply online for the account; print and sign the application.
  3. Mail the signed application with two appropriate forms of identification to the specified address.
  4. Once the application is approved, you will receive a letter in the mail containing account information and a debit card for the account 7 to 10 days later.

Features of the Four Flexible Spending Accounts

Pretax Premiums

  • Cost per Month:$0.00
  • Maximum Allowed: N/A
  • Enrollment Eligibility: At hire; every October

Medical Spending Account

  • Cost per Month: $2.32
  • Maximum Allowed: $2,750
  • Enrollment Eligibility: At hire; every October; qualifying event

Dependent Care Account

  • Cost per Month:$2.32
  • Maximum Allowed: $5,000*
  • Enrollment Eligibility: At hire; every October; qualifying event

Health Savings Account

  • Cost per Month: $2.00
  • Maximum Allowed: Based on insurance coverage
  • Enrollment Eligibility: At hire; every October

*Based on tax filing status (Maximum: $2,500 if Married filing separately) (Maximum: $5,000 if Single head of household or Married filing jointly)

Please see the Insurance Benefits Guide for a detailed overview of MoneyPlu$.