Virtual Fair: Flexible Spending Accounts
Flexible Spending Accounts (FSAs) allow you to use pre-tax dollars on routine expenses using one of two kinds of accounts, a Health Care FSA or a Dependent Care FSA. At the University, FSAs are provided by Discovery Benefits LLC, a Wex company.
To have an FSA in 2021 you must enroll during Open Enrollment, regardless of whether or not you currently have an FSA. FSAs do not automatically renew.
Contact a Discovery Benefits representative with your questions:
Phone: (844) 561-1333
FSA basics, like eligible expenses, procedures for reimbursement, and more can be found on the UMN Flexible Spending Account page.
Learn the FSA basics:
Find out more in this presentation by Discovery Benefits:
Discover the advantages of each kind of FSA, how to use them, and how to get started:
Choosing your FSA Contribution:
How to choose the right amount to contribute to an FSA? Especially with all the changes to daycare, after school programs, and providers in the past year, there is plenty to think about. Make a strong decision using these guiding questions:
What does my household’s year look like as of now?
Take a look at your household’s calendar and budget. What health and dependent care needs do you anticipate having in 2021, based on the information you have now? Compare your household’s needs to examples of eligible FSA expenses at z.umn.edu/flexspending.
With your tentative expense list in hand, mark or examine projected expenses that could possibly change due to circumstance, and then read the next section. It is possible to change your FSA outside of Open Enrollment, but only in specific circumstances.
What life changes would allow me to change my FSA election(s)?
From your daycare closing, to your work hours changing, to a birth, adoption, or marriage in your family, there are many reasons you could change your FSA dollar amount. It is possible, but the change must be a specific circumstance known as a Family Status Change, and you must request the change within 30 days of the occurrence of the change, and submit a verification document.