When can I set up an FSA?
You have four potential opportunities to enroll in a new Health Care or Child & Elderly Care FSA:
- After your company sets up a new plan (initial enrollment),
- When your company renews its existing plan (open enrollment),
- As a new hire,
- When you experience a qualifying life event.
What's the deadline for setting up my FSA?
Once the company plan is set up, individual workers will need to complete enrollment by the 25th to start on the 1st of the next month. Anyone who misses the deadline will not be able to enroll until the next renewal, unless they have a qualifying life event.
Keep in mind that enrollees won't be able use the FSA funds until after their plans start, or get reimbursed for purchases made prior to the start of their plans.
Can I set up an FSA after a birth, death, marriage, etc?
Yes! You'll have 30 days from the birth of a child, a death of a family member, or another qualifying life event (QLE) on this list to set up a new FSA. When you do, the plan will have a retroactive start date of the first of the month in which the event occurred.
Keep in mind that if you're expecting a newborn, you need to wait until after the child is born to set up the account. Learn more.