Time is Running Out to Enroll in a Flexible Spending Account

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Save Money With a Flexible Spending Account

There's still time to enroll in a Flexible Spending Account! If you want to participate in an FSA for 2024, take action by December 31, 2023.

What is a Flexible Spending Account?

Flexible Spending Accounts (FSAs) allow you to pay for out-of-pocket health care and dependent care expenses with pre-tax dollars. Your contributions are subtracted from your paycheck before taxes are calculated, so you save money on taxes. 

U-M offers three kinds of FSAs:

  • The Health Care FSA is used to pay for eligible out-of-pocket medical, dental, orthodontic, and vision expenses for you and your covered dependents. 
    • It is available to individuals not enrolled in the Consumer-Directed Health Plan (CDHP). 
  • The Limited Purpose FSA covers eligible dental, orthodontic and vision expenses for you and your covered dependents. 
    • IMPORTANT: It is only available to individuals enrolled in the Consumer-Directed Health Plan (CDHP).
  • The Dependent Care FSA is for eligible daycare expenses for a dependent child 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).

Learn more about Flexible Spending Accounts

Enroll in a 2024 FSA

Click here to complete the Health Care and Dependent Care FSA eForm.

Important Deadline

Complete your form by Dec. 31, 2023 in order to have your Health Care FSA funds available on Feb. 1, 2024. You may incur eligible expenses in January, but you will not be able to use your PayFlex debit card or file claims on your 2024 account until after Feb. 1, 2024.

Please note: the Shared Services Center will be closed during Season Days. 

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