Eligible Team Members should have received a postcard in the mail with details about FSA and HSA Open Enrollment for 2027. View an electronic version of the mailer: English | Spanish.
FSA & HSA Open Enrollment Period:
October 12–23, 2026
Coverage Period:
January 1 – December 31, 2027
FSA & HSA Open Enrollment for 2027
What You Need to Know
Michaels offers you the opportunity to set aside pretax dollars that you can use to pay for eligible medical, prescription drug, dental, vision, and child care expenses. When you choose to contribute to a flexible spending account (FSA) and/or a health savings account (HSA), you reduce your taxable income, allowing you to pocket more of your earnings.
- If you wish to participate in an FSA for the 2027 calendar year, you must enroll and make your paycheck contribution elections in Workday during the enrollment period (Oct. 12–23, 2026). The contributions that you elect will apply to the 12-month coverage period from January 1, 2027, to December 31, 2027.
- If you are enrolled in the Michaels BCBSTX Choice HSA medical plan for the 2026–2027 plan year, your current HSA contribution election will roll over for 2027. You may make changes to your election any time during the year.
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 2027.
Election Options
Toggle open any of the following that apply to you to determine your election options for 2027.
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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 and will only permit you to contribute to the Limited Purpose FSA, which reimburses certain dental and vision expenses. You can participate in the Dependent Care FSA regardless of your medical plan election.
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 November 1 or Earlier: During your new hire enrollment, you can enroll in an HSA and/or FSA for the rest of 2026. Upon completion, you will be assigned a task to set up your HSA and/or FSA elections for 2027.
Hired November 2 through December 31: You must make your HSA and/or FSA elections during your new hire enrollment, and your benefits and pretax contributions will be effective starting in January 2027.
What happens if I don't make my elections for 2027?
For FSA participants: If you do not complete enrollment or make your 2027 FSA elections during this open enrollment period, your contributions will be zero dollars beginning January 1, 2027, and you will be unable to make any changes to your 2027 contribution elections unless you have a qualifying life event that allows you to make changes to your FSA.
For HSA participants: Your current elections will roll over to 2027. If you enroll but choose not to contribute pretax dollars from your paycheck to your HSA account, you will be eligible to receive the Michaels HSA contribution funding ($500 for Team Member only coverage, $1,000 for family coverage*). You can make changes to your HSA contribution at any time during the year prospectively by submitting an HSA contribution benefit change.
*Contributions are made each pay period, therefore the amount is prorated for new hires or for those newly enrolled in the Michaels BCBSTX Choice HSA medical plan.
Contribution Limits & Unused Funds
Each year, the IRS issues maximum contribution limits for FSAs and HSAs. For 2027, those limits are outlined below.
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Flexible Spending Account (FSA)
FSA Employee Contribution Limits
Health Care FSA (HCFSA)
- Minimum: $100*
- Maximum: Up to $3,400*
Limited Purpose FSA (LPFSA)
- Minimum: $100*
- Maximum: Up to $3,400*
Dependent Care FSA (DCFSA)
- Minimum: $100*
- Maximum: Up to $7,500* ($3,750* if married and filing separately)
What Happens to Unused FSA Funds
- Any unused 2026 FSA funds of $25 up to $660 will automatically roll over to 2027 without affecting your 2028 contribution limits.
- You will have until March 31, 2027 to submit claims for reimbursement for FSA-eligible expenses incurred in 2026. After this date, any unused 2026 FSA funds over $660 will be forfeited.
*The IRS will release the 2027 FSA limits later this year. If you enroll at the current maximum 2026 limit, you will be given the opportunity to increase your contribution.
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 |
|
$4,400 in 2026 $4,500 in 2027 |
$500 per year ($19.23 biweekly) |
Up to $3,900 in 2026 Up to $4,000 in 2027 |
| Family Coverage | ||
| Maximum Contribution Limit1 | How Much Michaels Contributes2 | How Much You Can Contribute3 |
|
$8,750 in 2026 $9,000 in 2027 |
$1,000 per year ($38.46 biweekly) |
Up to $7,750 in 2026 Up to $9,000 in 2027 |
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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 2026 HSA will automatically roll over into your 2027 HSA without it affecting your 2027 contribution limits.
Make Your Elections
Helpful Resources
Resource Guides from HealthEquity
Frequently Asked Questions (FAQs)
English | Spanish
As a reminder, this enrollment period is only for FSA and HSA participation for the 2027 calendar year. Changes to other benefit are allowable only if you experience a qualifying life event that allows for benefit changes.
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.