There is still time to enroll in a Flexible Spending Account and save money in 2020.
The University of Michigan offers faculty and staff the opportunity to pay for eligible health care and/or dependent daycare expenses with pre-tax dollars using a Flexible Spending Account (FSA) administered by PayFlex. 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.
Annual Enrollment to Participate
The Internal Revenue Service regulates Flexible Spending Account (FSA) plans. IRS rules do not allow enrollments to carry over from one year to the next. If you have an FSA and want to participate in 2020 you will need to re-enroll.
If you are eligible and want to participate in an FSA for 2020 you still have time to sign up. Download the 2020 Flexible Spending Account enrollment form.
Learn About Flexible Spending Accounts
U-M offers two types of Flexible Spending Accounts (FSAs):
- The Health Care FSA is used to pay for most 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 age under the age of 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).
To enroll in an FSA, download, complete, and submit the 2020 Flexible Spending Account enrollment form.
Send your completed and signed form by:
- December 6, 2019 to have your Health Care FSA funds available for reimbursement beginning on January 1, 2020*.
- December 31, 2019 to have your Health Care FSA funds available for reimbursement beginning on February 1, 2020*. 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 deadlines and reimbursement availability dates refer to Heath 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.