Open Enrollment Resources
Your source for Enrollment informationOpen Enrollment for Health Savings Account (HSA) and Flexible Spending Accounts (FSAs)
Make your elections for the 2024 calendar year from October 2 to October 13!
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Make sure to Compare the Plans so you can choose the right coverage for you and your family. If you don’t enroll, you will not have coverage.
HSA and FSA Open Enrollment: October 2-13
The plan year for the Health Savings Account (HSA) and Flexible Spending Accounts (FSAs) has changed to calendar year to align with the tax year and annual IRS limits. The HSA and FSA elections you made in May covered only the six-month period from July 1 to December 31 of this year. It is now time to make new elections if you want to participate in the HSA and FSAs for the 2024 calendar year.
Contributions you elect during this enrollment will cover the 12-month period January 1 to December 31, 2024. Going forward, you will enroll for all other benefits in May, and we will hold HSA and FSA enrollment in the fall.
REMEMBER: This enrollment period is ONLY for HSA and FSA participation during calendar year 2024. No other benefit elections will be accepted during this enrollment window (unless you experience a Qualifying Life Event).
If you wish to contribute to either the HSA (Choice HSA Plan participants) and/or any of the FSAs, you MUST log into Workday and elect your contributions for 2024.
Enrollment can be completed by visiting wd5.myworkday.com/Michaels or by visiting MIKBenefits.com and choosing Enroll in Benefits through October 13.
2024 Contribution Limits
Each year, the IRS issues maximum contribution limits for HSAs and FSAs. For 2024, those limits are:
- HSA:
- TM only: $4,150
- TM + family: $8,300
- HSA catch up: $1,000
- FSAs:
- Health Care and Limited Purpose: $3,200*
- Dependent Care: $5,000
*This is the projected contribution limit for 2024 that won’t be final until the IRS releases final limits later this year. If you contribute the maximum and the official limit is lower we will automatically adjust your contribution down.
What You Need to Do
- To participate in the HSA or an FSA in 2024, you MUST make contribution elections in Workday between October 2 and October 13, 2023.
- Visit MIKBenefits.com and select Enroll in Benefits to make your elections.
- If you’re enrolled in the PPO medical plan, you can elect to participate in the Health Care and Dependent Care FSAs.
- If you’re in the Choice HSA medical plan, you can contribute to the HSA, the Limited Purpose FSA and the Dependent Care FSA.
Important Note for Choice HSA Plan Participants
As a Choice 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 only reimburses certain dental and vision expenses. To ensure you get the most out of your contributions, you may find it financially advantageous to contribute to the HSA rather than the FSA. You may still participate in the Dependent Care FSA with no restrictions.
