FSA & HSA Open Enrollment
Guidance for Electing FSA & HSA Contributions for the 2025 Calendar YearWhat you’ll find on this page:
- What you need to know about 2025 FSA and HSA enrollment
- Your election options
- Maximum contribution limits
- What happens to unused funds from 2024
- How to make your elections in Workday
- Resources and guides, including FAQs
FSA & HSA Open Enrollment Period:
Oct. 14-25, 2024
Coverage Period:
Jan. 1 – Dec. 31, 2025
FSA & HSA Open Enrollment for 2025
What You Need to Know
Michaels offers you the opportunity to make pre-tax contributions to FSAs that you can use to pay for eligible medical, prescription drug, dental, vision, and child care expenses. When you choose to contribute to these accounts, you reduce your taxable income allowing you to pocket more of your earnings.
If you wish to participate in a flexible spending account (FSA) and/or a health savings account (HSA) for the 2025 calendar year, you must enroll and make your contribution elections in Workday during the two-week enrollment period for FSAs and HSAs, from Monday, Oct. 14 to Friday, Oct. 25, 2024.
The IRS requires an active enrollment to participate in FSAs and HSAs. The contributions that you elect will cover the 12-month period of Jan. 1, 2025 to Dec. 31, 2025.
Below you will find information about what you can elect, the maximum contribution limits, and the steps you must take to complete your FSA and/or HSA enrollment for 2025.
Election Options
Toggle open any of the following that apply to you to determine your election options for 2025.
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PPO Medical Plan Participant
If you’re enrolled in a Michaels PPO medical plan, you can elect to contribute to:
Choice HSA Medical Plan Participant
If you’re enrolled in the Michaels Choice HSA medical plan, you can elect to contribute to:
As a Choice HSA plan participant, you are eligible to contribute to the HSA each year. Because you have an HSA available, the IRS restricts your ability to participate in the full purpose Health Care FSA (HCFSA) and will only permit you to contribute to the Limited Purpose FSA (LPFSA), which reimburses certain dental and vision expenses. You can participate in the Dependent Care FSA (DCFSA) with no restrictions.
To ensure that you get the most out of your contributions, you may find it financially advantageous to contribute to the HSA rather than an FSA.
Kaiser HRA Medical Plan Participant
If you’re enrolled in the Kaiser HRA medical plan, you can elect to contribute to:
Not Enrolled in a Michaels Medical Plan
If you are not enrolled in a Michaels medical plan but you are benefits-eligible, you can elect to contribute to:
On Leave of Absence (LOA)
If you are or will be on Leave of Absence (LOA) during the FSA and HSA open enrollment period, you can still enroll and make your elections in Workday.
New to Michaels
Hired Nov. 1 or Earlier: During your new hire enrollment, you can enroll in an FSA and/or HSA to cover the rest of 2024. Upon completion, you will be assigned a task to set up your FSA and/or HSA elections for 2025.
Hired Nov. 2 – Dec. 31: You must make your FSA and/or HSA elections during your new hire enrollment, and your benefits will be effective starting in 2025.
What happens if I don't make my elections for 2025?
For FSA participants, if you do not complete enrollment or make your 2025 FSA elections during this open enrollment period, your contributions will be zero beginning Jan. 1, 2025, and you will be unable to make any changes to your enrollment status or your 2025 contribution elections unless you have experienced a qualifying life event.
For HSA participants, if you enroll but do not elect to contribute to your 2025 HSA, you will still receive the Michaels contribution. You can make changes to your HSA contribution at any time by submitting a HSA contribution benefit change.
Contribution Limits & Unused Funds
Each year, the IRS issues maximum contribution limits for FSAs and HSAs. For 2025, those limits are outlined below.
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Flexible Spending Account (FSA)
FSA Employee Contributions
Standard Health Care FSA (HCFSA)
- Minimum: $100
- Maximum: Up to $3,200*
Limited Purpose FSA (LPFSA)
- Minimum: $100
- Maximum: Up to $3,200*
Dependent Care FSA (DCFSA)
- Minimum: $100
- Maximum: Up to $5,000
*This is the projected contribution limit for 2025 that will not be finalized until it is officially released by the IRS. If you elect to contribute the maximum amount and the official limit ends up being lower, Michaels will automatically adjust down your contribution. If you elect to contribute 80% or more of the current maximum, you will be given the opportunity to increase your contribution once the IRS releases the official FSA limits for 2025.
What Happens to Unused FSA Funds
- New for 2025! You will be able to roll over up to $640 unused 2024 FSA funds (a minimum of $25) into your 2025 FSA.
- Rolled over funds from your 2024 FSA must be used by Dec. 31, 2025; otherwise, they will be forfeited.
- You will have until March 31, 2025 to request claims for reimbursement for FSA-eligible expenses incurred in 2024. After this date, any unused 2024 FSA funds over $640 will be forfeited.
Health Savings Account (HSA)
HSA Employer & Employee Contributions |
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| Individual Coverage | ||
| Maximum Contribution Limit1 | How Much Michaels Contributes2 | How Much You Can Contribute3 |
|
$3,650 in 2024 $4,300 in 2025 |
$500 per year ($19.23 biweekly) |
Up to $3,150 in 2024 Up to $3,800 in 2025 |
| Family Coverage | ||
| Maximum Contribution Limit1 | How Much Michaels Contributes2 | How Much You Can Contribute3 |
|
$7,300 in 2024 $8,550 in 2025 |
$1,000 per year ($38.46 biweekly) |
Up to $6,300 in 2024 Up to $7,550 in 2025 |
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1The HSA maximum contribution limits are set each year by the IRS and include both employee and employer contributions.
2Michaels HSA contributions are made over 26 pay periods, are prorated based on your benefits start date, and are deposited biweekly per paycheck. 3If you are age 55 or older, you may contribute an extra $1,000 per year to your HSA. |
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What Happens to Unused HSA Funds
Any unused funds from your 2024 HSA will automatically roll over into your 2025 HSA.
As a reminder, this enrollment period is only for FSA and HSA participation during the 2025 calendar year: no other benefit elections will be accepted unless you have experienced a qualifying life event.
Make Your Elections
Log in to Workday
Resources & Guides
Overview Presentation
Download or Print the Overview Presentation
Get Support
For assistance, contact Team Member Services at 855-432-MIKE (6453) and select option 2, available Monday through Friday from 8 a.m. to 5 p.m. CT. You can also open a Knowledge Zone support ticket.