Agenda - Council - 03/11/2025 - Laserfiche WebLink

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Allowable Expenses Expenses are deemed "allowable" if they are for healthcare expenses (as defined in Internal Revenue Code section 213(d)) of an eligible Participant, their spouse, legal dependent(s), or for adult children until their 26th birthday. MSRS shall not reimburse for any healthcare expenses other than those allowed under the Internal Revenue Code. Reimbursements, including insurance premiums, are payable directly to the Participant. Proof of Expenses In order to receive reimbursement for allowable health care expenses, including insurance premiums, Participant must either complete a paper Reimbursement Request form or request reimbursement through the MSRS portal. Requests for reimbursement must include valid receipts or any other documentation that MSRS deems necessary to verify the expenses incurred. All claims for reimbursement are verified against IRS Publication 502 to ensure compliance with Internal Revenue Code section 213(d). An annual maximum exists for reimbursements of out-of-pocket medical expenses subject to Internal Revenue Code section 105(h). The annual maximum amount may be adjusted annually and is based on increases or decreases of inflation for medical expenses and/or premiums. There is no annual maximum with respect to healthcare expenses not subject to Internal Revenue Code section 105(h), including reimbursements of health insurance premiums. Reimbursement Schedule Reimbursements will be paid directly to the Participant, either by direct deposit into a personal bank account designated by the Participant or by check. Out-of-pocket expenses are processed daily. Ongoing installment reimbursements of medical, dental, or long-term care insurance premiums are processed monthly. MSRS shall establish procedures necessary to process reimbursements and deposit funds to Participant bank accounts. HCSP Plan Document December 1, 2023 11