Tag: Open Enrollment
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:
Final Week!
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 enrollment period for FSAs and HSAs.
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 $3,300*
Limited Purpose FSA (LPFSA)
- Minimum: $100
- Maximum: Up to $3,300*
Dependent Care FSA (DCFSA)
- Minimum: $100
- Maximum: Up to $5,000
*The projected contribution limit for 2025 was $3,200 but was finalized by the IRS to be $3,300. If you elected to contribute 80% or more of the projected maximum amount, you will be given the opportunity to increase your contribution.
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 |
||
| 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 |
|
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.
Benefits Enrollment Resources
Benefits Information for HR & People LeadersOpen Enrollment Period:
May 12–23, 2025
Benefits Plan Year:
July 1, 2025 - June 30, 2026
Prepare for the New Benefits Plan Year
What Team Members Can Do
Open enrollment for the 2024-2025 benefits plan year is May 6–17, 2024. During this annual open enrollment period, Team Members are encouraged to review their benefit options, coverage information, and rate changes taking effect with the new plan year starting July 1, 2024.
Team Members don’t have to do anything to keep their current coverage. However, they MUST complete enrollment to:
- Change their current benefit elections
- Add or remove covered dependents
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If you do not take action during the annual open enrollment period, your current benefit elections will continue at the new 2024-2024 rates for the 2024-2025 plan year, which begins on July 1, 2024 and ends on June 30, 2025.
You can only change your benefit elections outside the annual open enrollment period if you experience a qualifying life event. For more information about qualifying life events, please visit this link: Change in Status.
What Happens If Team Members Don't Take Action
If Team Members do not take action during the annual open enrollment period, their current benefit elections will continue at the new 2024-2025 rates for the 2024–2025 plan year.
Team Members can only change their benefit elections outside the annual open enrollment period if they experience a qualifying life event. For more information about Qualifying Life Event, please visit this link: Change in Status.
FSA & HSA Elections
Team Members will have the opportunity to make Flexible Spending Account (FSA) and/or Health Savings Account (HSA) elections in October 2024 for the 2025 calendar year. Outlined below are scenarios that might apply to Team Members.
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Tap or click the content below and scroll to access all the information.
| Scenario | Flexible Spending Account (FSA) | HRA (Part of Kaiser Medical Plan) | Health Savings Account (HSA) |
|---|---|---|---|
| Enrolled in the PPO plan and switch to the HDHP Choice HSA plan effective 7/1/2025. | Required to move from full FSA to Limited Purpose FSA if previously enrolled in full FSA (can't have HSA and full FSA). | Cannot enroll. | Can start contributing to HSA. |
| Enrolled in the HDHP Choice HSA plan and switch to the PPO plan effective 7/1/2025. | If enrolled in Limited Purpose FSA, have the option to switch to the full FSA, but not required. | Cannot enroll. | Required to stop contributing to HSA. |
| Enrolled in the PPO plan and stay in this plan effective 7/1/2025. | If enrolled in full FSA, will not be able to make changes to this plan until October 2025 for a 1/1/2026 effective date. If enrolled in Limited Purpose FSA, will need to keep current election and can then make changes to this plan in October 2025 for a 1/1/2026 effective date. | Cannot enroll. | Cannot enroll. |
| Enrolled in the HDHP Choice HSA plan and stay in this plan effective 7/1/2025. | Can keep Limited Purpose FSA, but will not be able to make changes to this plan until October 2025 for a 1/1/2026 effective date. | Cannot enroll. | Can change election amount anytime throughout the year. ER HSA contribution should continue as long as they are enrolled in Choice HSA Medical. |
| Enrolled in the Kaiser HRA plan and stay in this plan effective 7/1/2025. | If enrolled in FSA plan, keep current enrollment. Will need to wait until October 2025 to elect for a 1/1/2026 effective date. If not currently enrolled in FSA, will need to wait until October 2025 to elect for a 1/1/2026 effective date. | HRA election will continue. | Cannot enroll. |
| Enrolled in the Kaiser HRA plan and move to the PPO plan effective 7/1/2025. | If enrolled in FSA plan, keep current enrollment. Will need to wait until October 2025 to elect for a 1/1/2026 effective date. If not currently enrolled in FSA, will need to wait until October 2025 to elect it for a 1/1/2026 effective date. | HRA election will stop. | Cannot enroll. |
| Enrolled in the Kaiser HRA plan and move to the HDHP Choice HSA effective 7/1/2025. | Required to move from full FSA to Limited Purpose FSA if previously enrolled in full FSA (can't have HSA and full FSA). | HRA election will stop. | May start contributing to HSA. |
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What's New for 2024-2025
Slight Cost Increases
- Health care costs continue to rise. We’re committed to providing you with high-quality services with a range of medical plans to fit your needs. This year, you’ll see changes to deductibles, out-of-pocket maximums, coinsurance, and copays for the BCBSTX Enhanced PPO and Choice HSA plan. You’ll also see varying increases to premiums on all medical plans. We continue to share the cost of health care for you and your family, with Michaels absorbing approximately 75-80% of the cost of coverage.
- Wellness and tobacco surcharges will increase from $25 per paycheck to $30 per paycheck. Make sure Team Members and their covered spouse/domestic partner complete a preventive wellness exam between July 1, 2023, and June 30, 2024. They’ll avoid a $30 per paycheck surcharge per person on their medical premiums. If they are enrolled in a Michaels BCBSTX plan, they also have the option to use VirtualCheckup through Catapult Health.
- Team Members can use the eValuate tool to choose the medical plan that makes the most sense for them and their families. The more Team Members know about the available choices, plans, and features, the easier it is to select and use their benefits wisely.
Prescription Drugs
New! For no additional cost, eligible Team Members can take advantage of the Specialty Drug Split-Fill program to try a partial quantity of a newly prescribed specialty drug before the full month’s supply is filled.
Hospital Indemnity
New! Eligible Team Members have the option to enroll in Voluntary Hospital Indemnity coverage that pays a direct cash benefit in the event of a hospital stay.
Pet Insurance
New! Eligible Team Members can enroll in Wishbone pet insurance. Premiums can be paid with a credit card.
Wellness & Tobacco Surcharges
Team Members can avoid surcharges and higher premiums for medical coverage by fulfilling the wellness exam requirement and qualifying as tobacco-free.
- The wellness surcharge is $30 per person, per paycheck. To avoid this surcharge for 2024–2025 plan year, Team Members (and, if covered, their spouse/domestic partner) will want to make sure they complete an annual physical exam between July 1, 2023 and June 30, 2024. Team Members enrolled in a BCBSTX medical plan also have the option to complete their wellness exam requirement by using the VirtualHealth Checkup through Catapult Health, and there is no charge for this service.
- The tobacco surcharge is $30 per person, per paycheck. To avoid this surcharge for the 2024–2025 plan year, Team Members (and, if covered, their spouse/domestic partner) must be tobacco-free for at least six months leading up to the date they enroll in benefits. Tobacco cessation programs are available to team members free of charge through any Michaels medical plan.
For more detailed information and instructions on how to ensure these surcharges don’t apply to them, Team Members can visit this link: Wellness Programs & Surcharges.
Open Enrollment Meetings & Webinars
All scheduled webinars and live meetings have passed.
Were you unable to attend a scheduled webinar or live meeting? Watch the recorded version below. Want to review the presentation document? Download the digital version below.
Unable to attend a scheduled webinar or live meeting? Watch the recorded version below. Want to review the presentation document? Download the digital version below.
Team Member Communications
For your reference, digital copies will be posted below of all communications sent to benefits-eligible Team Members regarding open enrollment for the 2024–2025 plan year.
Begin Enrollment
Log in to Workday
Open the Demo Video
Workday Job Aids
- How to Enroll in Workday: English | Spanish
- How to Add Dependents in Workday: English | Spanish
- Other: Accessing Workday on LOA
Know Where to Go for Answers
Call Team Member Services at 855-432-MIKE (6453), option 2, or submit a ticket through Knowledge Zone.
Choose Wisely — No Changes After Enrolling!
Changes to your benefit elections are only allowed outside of the open enrollment period if you have a qualifying life event, such as a birth, adoption, marriage, or divorce. Changes in status must be made within 30 days of the qualifying life event. For more information, follow this link: Change in Status.