Flexible Spending Accounts

Set aside tax-free money to help pay for eligible out-of-pocket expenses.

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FSA for Health Expenses

How much can you contribute? $100 minimum, $2,750 maximum

How you access your account? You will receive a debit card to use for eligible expenses. Funds are immediately available.

Who can use the money? If you are enrolled in the PPO Plan — or even if you don’t elect Michaels medical coverage — you can use the money to pay for eligible medical, prescription drug, dental and vision expenses your health plans don’t cover for:

  • Yourself
  • Any dependents you claim on your federal tax return
  • Your children under age 26, even if they are not covered by a Michaels benefit plan

Under IRS rules, expenses for domestic partners cannot be paid from an FSA.

Dates and deadlines:

  • You can carry over all unused funds in your FSA to the next year. You can incur expenses until June 30 of the plan year.
  • You have until September 30 after the plan year ends to submit claims for expenses.

To manage your account and see a full list of eligible expenses, visit www.healthequity.com.

Limited Purpose FSA (Dental/Vision Only)

How much can you contribute? $100 minimum, $2,750 maximum

How you access your account? You will receive a debit card to use for eligible expenses. Funds are immediately available.

Who can use the money? If you are enrolled in the Choice HSA medical plan, you may use this Limited Purpose FSA to pay for dental and vision expenses only, and use your HSA to pay for eligible medical and prescription drug expenses.

You can use the money to pay for eligible dental and vision care expenses your dental and vision plans doesn’t cover for:

  • Yourself
  • Any dependents you claim on your federal tax return
  • Your children under age 26, even if they are not covered by a Michaels benefit plan

Expenses for domestic partners cannot be paid from an FSA. You cannot have “double coverage” for medical and prescription drug expenses under both an FSA and an HSA.

Dates and deadlines:

  • You can carry over all unused funds in your FSA to the next year. You can incur expenses until June 30 of the plan year.
  • You have until September 30 after the plan year ends to submit claims for expenses.

To manage your account and see a full list of eligible expenses, visit www.healthequity.com.

FSA for Dependent Care

How much can you contribute? $100 minimum, $10,500 maximum ($5,250 maximum if married but filing separately from your spouse)

How you access your account? You submit your claims. Funds are available after contributions to the account have been made.

What can the money be used for? Dependent care expenses incurred so you and your spouse can work, like:

  • Nursery schools
  • Licensed day care centers (including adult day care facilities and centers for disabled dependents)
  • In-home day care providers
  • Before- and after-school care (if not already included in tuition)
  • Summer day camp, but not overnight camp

Under IRS rules, expenses for domestic partners cannot be paid from an FSA.

Who can use the money? You can use the money to pay for eligible dependent care expenses for:

  • Children under age 13 you claim on your federal tax return as dependents (or for whom you are the custodial parent if divorced, regardless of who claims the tax exemption)
  • A spouse or dependent who is physically or mentally incapable of self-care and lives in your home for more than half the year

Dates and deadlines:

  • You lose any remaining funds in your account as of June 30 of the plan year.
  • You have until September 30 after the plan year ends to submit claims for expenses.

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