FAQ: What do I need to do to re-enroll in an FSA?
A flexible spending account (FSA) is a tax-favored savings plan offered by your employer for the purpose of paying medical expenses.
Employees have several opportunities to enroll in their company’s FSA plan: Within 30 days of their hire date, when a qualifying life event occurs and during their company's initial open enrollment period (when the plan is set up).
Start dates for a new individual FSA plan will vary for each of these opportunities.
Once you have decided to enroll and are eligible based on the above options, look for or inquire about FSA enrollment forms from your benefits manager. You will need to complete the appropriate FSA forms, which includes determining how much you will contribute.
In 2020, the maximum you can contribute to your FSA is $2,750 for individuals. These funds will be deducted, pretax. from your paycheck over the course of a year.
Don’t assume that FSA enrollment is automatic when you sign up for other health benefits. FSAs typically require active renewal. You should look for FSA enrollment forms each new plan year and fill them out.
Additionally, ask your HR manager questions. The actual design of your FSA account can vary, so it’s important to understand any nuances of a company’s pre-tax benefits accounts.
Page published on Wednesday, September 18, 2019
