Flexible Spending Accounts for 2013
You still have the the opportunity to save money on your health care expenses by enrolling in a Health Care Flexible Spending Account (FSA) for 2013. Health Care FSAs allow you to set aside pre-tax dollars to pay for certain eligible out-of-pocket health care expenses for yourself and your eligible dependents. This lowers the amount of income tax you will pay and helps you save money.
To learn more about FSAs and to review the list of eligible expenses, view the 2013 Flexible Spending Accounts book or visit the Benefits Office website.
Please note: New legislation from the Affordable Care Act goes into effect for 2013 that will reduce the annual Health Care FSA contribution limit from $6,000 to $2,500. The annual limit for the Dependent Care FSAs, which allow you to set aside pre-tax dollars to pay for day care (elder care or child care) for your eligible dependents, remains $5,000 per family.
FSA enrollments do not carry over from year to year and you need to re-enroll each year if you want to participate.
To enroll, download and complete the 2013 FSA Deduction Authorization Form and return it to the HRRIS Benefits Transaction Team as instructed on the form. Submit your completed and signed form by these deadlines:
- Enroll by November 30, 2012 to have your 2013 Health Care FSA funds available on January 1, 2013.
- Enroll by December 31, 2012 to have your 2013 Health Care FSA funds available on February 1, 2013. You can incur eligible expenses in January, but you will not be able to use your PayFlex debit card or file claims on your 2013 account until February.
Note: The fund availability dates apply to 2013 Health Care FSA claims. To receive a reimbursement from a 2013 Dependent Care FSA, you must accumulate sufficient contributions to cover the claim being made.
- For FSA information, visit the Benefits Office website
- View the 2013 Flexible Spending Account book
- Consult with a benefits representative in the HR/Payroll Service Center by calling 5-2000 (Ann Arbor campus), 734-615-2000 (local or off-campus), or 866-647-7657 (toll-free for off-campus long-distance calling), Monday through Friday from 8 a.m. to 5 p.m. Eastern Time.