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. You must submit valid claims incurred by December 31 before March 31 of the following year. You can carry over up to $550 in unused funds into the following plan year. You will forfeit unused funds over $550.

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.

Changes Allowed by COVID-19 Relief Bill

Employees have the option to enroll/increase/decrease/stop enrollment in the Medical Spending Account (MSA) or Dependent Care Spending Account (DSA) outside of the open enrollment period without a qualifying life event due to signing of the recent COVID-19 relief fund. The COVID-19 Relief Bill signed on December 27, 2020 by the President, allows for changes to the flexible spending accounts up to November 30, 2021. More details about those changes are available in the COVID-19 Relief Bill summary for FSAs in 2021.

To enroll or change a Medical Spending or Dependent Care Spending election now, please complete the Active Notice of Election (NOE) form and email it to benefits@musc.edu. The change reason will be COVID. The change will take effect the first of the following month after PEBA receives the Active Notice of election form. PEBA must receive the NOE by November 30, 2021. Please review the Notice of Election instruction guides for DSA and MSA to assist in completing the form.

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 Central 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. You can enroll in, change or stop your contributions to an HSA at any time. You do not need to do so during open enrollment or a special eligibility situation. Current HSA participants do not need to re-enroll as long as you remain on the State Savings Health Plan. Changes to your contributions are limited to once a month.

Review the HSA FAQs Flyer.

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: Self only health coverage $3,500, family coverage $7,100. Catch up for ages 55 and older $1,000
  • Enrollment Eligibility: Grandfathered Savings Plan Participants only, no new enrollees may sign up

*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$.