Medical Spending Account
A Medical Spending Account (MSA) allows you to set aside money from your paycheck pretax to pay for out-of-pocket health care expenses, such as copayments and coinsurance. When you pay less in taxes, you have more money in your pocket. Most people save at least 30 percent on each dollar set aside pretax. There is a $2.14 monthly administrative fee for an MSA.
How much can I contribute to my MSA?
You can contribute up to $3,200 in 2024. The funds can be used to pay your expenses as well as your eligible spouse and qualifying dependents expenses.
To get the most out of your MSA, maximize your contributions based on the expenses you, or any of your tax dependents, anticipate incurring during the plan year. To plan your annual election amount:
- Review the list of eligible expenses.
- Review your medical expenses from last year.
- Write down any additional eligible expenses you anticipate incurring in the coming plan year.
- Be sure to include at least some money to cover your deductible expenditures.
- Estimate your cost for each eligible expense. Remember your tax dependents' expenses qualify, too, even if they are covered by a different health insurance plan.
How do I access my MSA funds?
Your funds are available to you on January 1. As you have eligible expenses, you can use your ASIFlex Card or submit claims for reimbursement. In some cases you may be asked to submit documentation to substantiate card transactions.
How do I submit claims and get reimbursed?
ASIFlex offers several easy ways to submit claims for reimbursement. You do not have to choose only one option; you can use multiple options throughout the year.
- ASIFlex mobile app Download the app and log in to your account. Then, just snap a picture of your itemized receipt and submit a claim via the app.
- ASIFlex Online Sign in to your online account to submit a claim.
- Toll-free fax or mail Download and complete a claim form. Then, submit it with your itemized receipt. Keep a copy for your records.
If approved, reimbursement will be made to you within three business days following receipt of complete claim. Log in to your ASIFlex account to sign up for direct deposit, as well as email and text alerts. You can also opt to receive a mailed check.
Things to remember
- Your election amount is fixed for the entire plan year unless you have a qualifying event, which allows you to make a change.
- You must submit valid claims incurred by December 31 before March 31 of the following year. You can carry over up to $640 in unused funds into the following plan year. You will forfeit unused funds over $640.
FAQs
Learn more about MSAs in these FAQs.