You must be eligible for state group insurance benefits to participate in MoneyPlu$. However, you are not required to be enrolled in an insurance program in order to participate in MoneyPlu$. MoneyPlus is a flexible benefits program made available through Sections 105, 125 and 129 of the Internal Revenue Service (IRS) code. MoneyPlu$ can help you keep more spendable income by enabling you to pay health, dental and optional life 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. You automatically are enrolled in this feature if you pay a health, dental or optional life premium. If you do not want to participate, you must sign a MoneyPlu$ Refusal form once, not every year.
The three MoneyPlu$ features are: Pretax Group Insurance Premium Feature, Dependent Care Spending Account and Medical Spending Account. You choose what features you want to participate in and what level of participation you want. Each benefit has its own small administrative charge.
PRE-TAX GROUP INSURANCE FEATURE
With the Pretax Group Insurance Premium Feature, you can pay your State Health Plan, HMO, State Dental Plan, Dental Plus and Optional Life (for coverage up to $50,000) premiums before taxes are taken out of your paycheck
DEPENDENT CARE SPENDING ACCOUNT
The Dependent Care Spending Account allows you to pay for dependent-care expenses with your pretax income. You may set aside up to $5,000 annually to pay your dependent-care expenses. Eligible expenses include day care, whether in the home or outside the home for any dependent children under the age of 13. Day-care expenses for a physically or mentally handicapped dependent of any age or for a disabled or elderly dependent are also eligible. Use of this benefit is limited to those employees who need dependent care to permit both the employee and the employee's spouse to work.
You can enroll in the Dependent Care Spending Account within 31 days of the date you are hired by completing a MoneyPlu$ enrollment form. If you do not enroll at that time, you can enroll during an announced enrollment period. You must re-enroll during the announced enrollment period each year to continue your account from year to year. Changes will be effective the following January 1.
MEDICAL SPENDING ACCOUNT
The MoneyPlu$ Medical Spending Account allows you to set aside money from your paycheck, before you pay taxes, to pay your and your family's unreimbursed medical and dental bills. Expenses eligible for reimbursement include your deductible, coinsurance and copayments. In addition to these expenses, MoneyPlu$ is an excellent way to help pay for:
- vision care;
- annual physical exams;
- out-of-pocket dental fees (including orthodontia); and
- any other out-of-pocket medical expenses deductible under current tax laws.
NOTE: Insurance premiums, over-the-counter medication, cosmetic surgery and other similar expenses are not considered medical expenses for reimbursement from the Medical Spending Account.
To be eligible to enroll in the account, you must have completed one year of continuous state service by the first of January following the annual enrollment period. If you are eligible, you can enroll during an announced enrollment period. You must re-enroll during the announced enrollment period each year to continue your account from year to year. Changes will be effective the following January 1.
You can also enroll or make changes to this account within 31 days of a change in family status. Changes during the year (January 1 through December 31) must be necessary and appropriate as a result of the change in family status. All changes must be approved by MoneyPlu$.
You decide how much you and your family want to set aside, up to the amounts allowed by the IRS, in your Medical Spending Account. Consider only those expenses you and your family can expect to incur during the year (January 1 through December 31).
If you have a question about the MoneyPlu$ Medical Spending Account or MoneyPlu$ Dependent Care Spending Account, call the MoneyPlu$ hotline at 1-800-342-8017 or go to https://www.myfbmc.com/sso/papiMain.aspx.