Benefits Plans - Flexible Spending Accounts
Looking to enroll in an FSA?
- If you are a new hire or newly eligible, please use these forms:
2009 Flexible Spending Account Deduction Authorization Form
2010 Flexible Spending Account Deduction Authorization Form
- OPEN ENROLLMENT
If you wish to enroll in an FSA or re-enroll for 2010, please use the
2010 Flexible Spending Account Deduction Authorization Form (for Open Enrollment).
Remember, FSA enrollments do not carry over year to year and you must re-enroll each year if you wish to participate.
FSA Information
- For full plan details, download the 2009 Flexible Spending Account plan book, or the
2010 Flexible Spending Account plan book. - See the SHPS FSA Eligible Expense Guide (PDF) for a detailed listing of healthcare and dependent care expenses covered by a Flexible Spending Account.
- Access the SHPS Online Calculator to help estimate your annual contributions.
- View the SHPS FSA video to help you determine if an FSA is right for you.
- Find out more about the SHPS Spending Account Card.
2010 FSA AccountsPlease note that FSA enrollments do not carry over from year to year and you must re-enroll during Open Enrollment if you wish to participate in an FSA for the 2010 calendar year. If you are enrolled in a Health Care FSA for 2009 and re-enroll for 2010, in order to file claims for eligible expenses incurred between January 1 and March 15, 2010 for any balance remaining in your 2009 FSA, you must use paper claim forms rather than your SHPS Spending Account Card to submit the claims against your prior year balance. For more information on FSAs, please review the 2010 Flexible Spending Account plan book. |
| Deadlines for FSA Claims for Reimbursement | |
|---|---|
| 2009 Expenses | Only eligible expenses incurred on or after your 2009 effective date* are reimbursable from your 2009 FSA. If you still have money left over in your 2009 account after the end of the year, there is a grace period that allows you to incur eligible expenses and file claims on your 2009 FSA through March 15, 2010. Eligible expenses incurred during the 2010 grace period that are reimbursed from any remaining funds in your 2009 FSA cannot be resubmitted for reimbursement from 2010 accounts. You must file claims for your 2009 expenses by May 31, 2010. |
| 2010 Expenses | Only eligible expenses incurred on or after your 2010 effective date* are reimbursable from your 2010 FSA. If you still have money left over in your 2010 account after the end of the year, there is a grace period that allows you to incur eligible expenses and file claims on your 2010 FSA through March 15, 2011. Eligible expenses incurred during the 2011 grace period that are reimbursed from any remaining funds in your 2010 FSA cannot be resubmitted for reimbursement from 2011 accounts. You must file claims for your 2010 expenses by May 31, 2011. |
*Effective Date: If you enroll during Open Enrollment, your FSA is effective January 1. Otherwise your account becomes effective the first of the month following the date the enrollment form is received by the HRRIS Benefits Transaction Team, your date of hire, or the date you become newly-eligible, whichever is later. For example, if your date of hire is March 1, and your Flexible Spending Account enrollment form is received March 10, your account becomes effective April 1. Only eligible expenses incurred on or after your effective date through March 15 the following year are eligible for reimbursement from your current year FSA. You must re-enroll each year you with to participate.
FSA Overview
The University's Flexible Spending Accounts allow you to set aside pre-tax dollars for certain out-of-pocket health care and dependent care expenses, thus lowering the amount of income tax you will pay while providing more value for every expenditure you make.
The University offers two types of accounts:
How the Accounts Work
Managing a Flexible Spending Account is simple. Each year, you set aside an amount you reasonably predict you will spend on health care and work-related dependent care and contribute this sum on a pretax basis into the appropriate Flexible Spending Account. Your contributions to FSAs do not reduce your pay for determining your life insurance, travel accident insurance, long-term disability, or retirement benefits provided by the University.
Online Calculator
The University's claims processor, SHPS, provides an online FSA Calculator to help you determine how much to contribute to your FSA account, and lets you know how much you can save by using pre-tax dollars to pay for eligible health care and/or dependent care expenses.
Contribution amounts are reported to SHPS monthly at the end of the month in which the payroll deduction is taken.
Then, as you incur eligible expenses, you simply submit the required documentation to SHPS.
SHPS will usually reimburse all claims for eligible expenses within ten business days from the date it receives your request.
An important difference to remember:
- You can file claims for amounts totaling your entire annual health care contribution from your Health Care Flexible Spending Account at any time during the year;
- To receive a reimbursement from your Dependent Care Flexible Spending Account, you must have accumulated sufficient contributions to cover your claim at the time your request is made.
Next: Eligibility and Enrollment
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.