Life Events - Open Enrollment: flexible spending accounts
Health Care Flexible Spending Account Limit Will Change
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 limit for the Dependent Care FSAs remains $5,000 per family.
For more information on FSAs, view the 2013 Flexible Spending Accounts book (PDF) or refer to the Flexible Spending Accounts section on this website.
Extended Deadline to Enroll in Flexible Spending Accounts
FSA enrollments do not carry over from year to year and you must re-enroll if you want to participate in 2013.
- After Open Enrollment you can enroll in an FSA by completing and submitting the 2013 Flexible Spending Account Deduction Authorization Form.
- If you enroll in an FSA prior to January 1, your account effective date will be January 1. However, the date when you enroll in an FSA impacts the processing time and the availability of your funds for reimbursement from your 2013 FSA account as shown in the table below.
FSA Enrollment Method |
Enrollment Deadline |
2013 FSA Funds Available* |
Online through Wolverine Access during Open Enrollment |
Complete enrollment by 5 p.m. on Friday, November 2, 2012 |
January 1, 2013 |
Completed and signed form postmarked or received by |
January 1, 2013 |
|
Completed and signed form postmarked or faxed by: |
February 1, 2013 You may incur eligible expenses in January, however, you will not be able to file claims or use the PayFlex/HealthHub debit card for claims until February 2013. |
*The fund availability dates apply to claims on 2013 Health Care Flexible Spending Accounts. To receive a reimbursement from a Dependent Care Flexible Spending Account, you must have accumulated sufficient contributions to cover the claim being made.
The University of Michigan in its sole discretion may modify, amend, or terminate the benefits provided with respect to any individual receiving benefits, including active employees, retirees, and their dependents. Although the university has elected to provide these benefits this year, no individual has a vested right to any of the benefits provided. Nothing in these materials gives any individual the right to continued benefits beyond the time the university modifies, amends, or terminates the benefit. Anyone seeking or accepting any of the benefits provided will be deemed to have accepted the terms of the benefits programs and the university's right to modify, amend or terminate them.