Benefits Plans - Flexible Spending Accounts: questions to consider
Participation in a Flexible Spending Account may save you taxes, however, you need to calculate your expenses carefully so you do not have to forfeit any of your money.
Even if you have decided that the tax savings you will realize from a Flexible Spending Account make it worthwhile for you, answer the following questions before you enroll:
you fully aware that you will not be able to sign a new
form or change your deduction amount during the year unless
you have a qualified family status change and that any coverage
change must be consistent with the status change?
you sure that the expenses you used in your calculations
are eligible for reimbursement?
you been conservative in calculating the amount of predictable
expenses that you will have for health care and/or dependent day
- Have you determined whether it is better to claim the dependent day care expenses on your income tax return or as reimbursements from your Depedent Care FSA? Please consult a tax professional for more information.
If you have any questions, call the HR/Payroll Service Center at 734-615-2000 or toll-free at 1-866-647-7657 for assistance.
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.