How does a Flexible Spending Account (FSA) work?
You determine the amount you want to contribute for the plan year (January 1 – December 31). This amount is divided over each pay period and is deducted from your paycheck before taxes are calculated. When you incur an expense, use your HCSA Debit Card or submit a request for reimbursement form and a receipt of services to MSU’s FSA Plan Administrator. Only Health Care Spending Account enrollees have the option of using the HCSA Debit Card reimbursement system. Reimbursement checks, or direct deposit (if you choose that option) are processed within three business days after MSU’s FSA Plan Administrator receives your approved claim form. Remember to carefully choose the amount you want to have deducted from your paycheck. Due to IRS regulations, money left in your account at the end of the plan year (December 31) is forfeited.
Related Questions
- Im on the HDHP and participate in the Health Savings Account (HSA). Can I also participate in the Health Care Flexible Spending Account (FSA) through WageWorks?
- How often can I file claims on my Health Flexible Spending Account (Health FSA) / Unreimbursed Medical (URM) Account?
- What is Flexible Spending Account (FSA)?
