One of the best ways to save money on health- and childcare expenses is to enroll in a Flexible Spending Account. Good news: Enrollment in this benefit for 2022 takes place through Friday, Dec. 31, 2021.
Unlike your other benefits, federal regulations do not allow FSA enrollments to continue from one year to the next. Even if you have an FSA for this year, you still must enroll for 2022.
What is a Flexible Spending Account?
If you’re eligible, an FSA allows you to have a set amount taken from your pay before taxes, which lowers your income tax. The money is put into an account you use to reimburse yourself for eligible expenses. U-M offers two kinds of FSAs:
The Health Care FSA is used to pay for eligible out-of-pocket medical, vision, and dental care expenses for you and your eligible dependents.
The Dependent Care FSA is for eligible day care expenses for a dependent child younger than age 13, or elder care for a dependent adult, while you and your spouse work (or if your spouse is a full-time student or disabled).
You can enroll in one type of FSA or both. You contribute pre-tax dollars to your FSA(s) through payroll deductions.
Learn more about Flexible Spending Accounts and view the video below:
Enroll in a 2022 FSA
If you didn’t enroll in an FSA during Open Enrollment, you can still do so before Dec. 31, 2021. IRS rules allow for a special enrollment for FSAs outside of the annual benefits Open Enrollment period.
To enroll, download the 2022 Flexible Spending Account Deduction Authorization Form, complete it and return your signed form by Dec. 31, 2021. Your Health Care FSA funds will be available for reimbursement beginning on Feb. 1, 2022*. You may incur eligible expenses in January, but you’ll need to hold on to your receipts until February before you can file a claim for reimbursement.
*The enrollment deadline and reimbursement availability date refers to Health Care FSAs only.
For reimbursement from a Dependent Care FSA, you must have the full amount of your claim deposited in your Dependent Care FSA in order to receive reimbursement for the claim.
Deductions will occur over 12 paychecks for faculty and staff members paid monthly, and over 24 paychecks for staff members paid bi-weekly.
Still Have Money in Your 2021 FSA?
If you still have money in a 2021 FSA, you have until March 15, 2022 to spend it on eligible expenses. Visit the PayFlex website to review eligible medical expenses for reimbursement from Health Care FSAs, and eligible dependent care expenses for reimbursement from Dependent Care FSAs. Be sure to file claims on your 2021 accounts by May 31, 2022. For details, see Submitting Claims for Reimbursement.
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