Open Enrollment is an annual period, usually in October, when you may make changes to your benefits for the following calendar year. If eligible, you may enroll in or change your coverage for the U‑M health, dental, vision and legal services plans plus enroll in a flexible spending account.
There's Still Time to Enroll in a Flexible Spending Account for 2018
IRS rules do not allow Flexible Spending Account (FSA) enrollments to cross calendar years. If you are eligible for an FSA and want to participate in 2018 but did not enroll during Open Enrollment, you will need to re-enroll by completing and submitting the 2018 FSA enrollment form to SSC Benefits Transactions as noted on the form by December 31, 2017.
Please Note: While IRS rules allow you to enroll in an FSA by December 31, your account will not be set up with PayFlex, the university's FSA administrator, and available for reimbursement until February 1, 2018. You may incur eligible health care expenses in January, but you may not use your PayFlex debit card to pay for them from your 2018 account. You will need to pay out of pocket and then submit a claim for reimbursement after February 1. (To use your PayFlex card, the balance in your FSA must be sufficient to cover the charges. Transactions exceeding your available balance will be denied but may be reimbursable if you file a claim.) The fund availability dates apply to health care claims. To receive a reimbursement from a 2018 Dependent Care FSA, you must accumulate sufficient contributions to cover the claim being made.
Two Types of Flexible Spending Accounts
There are two kinds of FSAs: Health Care FSA and Dependent Care FSA.
Health Care FSA
A Health Care FSA allows you to set aside money from your paycheck before taxes to pay for eligible health care expenses for both you and your dependents. This helps you save money by lowering the amount of your income tax and increasing your spendable income. Examples of eligible expenses include prescription drug and office visit copays, dental expenses, eyeglasses and contact lenses, and many more products and services.
Dependent Care FSA
A Dependent Care FSA allows you to put aside money pretax and use it to pay for day care for your children age 12 or younger, or day care for dependents of any age who are unable to care for themselves, so that you can continue to work.
How to Enroll
To enroll in an FSA for 2018, download, complete and submit the 2018 FSA enrollment form. Submit your signed and completed form by December 31, 2017 to SSC Benefits Transactions as noted on the form.
When you enroll in an FSA, your annual contribution is taken out of your pay in equal amounts over 12 paychecks if you are paid monthly, and over 24 paychecks if you are paid bi-weekly. In months where there are three paychecks, you will not have a deduction taken from the last paycheck.
Download the 2018 Flexible Spending Account Enrollment Form - Your signed and completed form must be postmarked or received by December 31, 2017.