FSAFEDS participants have a 60-day limited period during which certain mid-year changes can be made to their existing elections.
During the limited period, which began July 1, enrollees in a 2020 Health Care Flexible Spending Account (HCFSA), Limited Expense Health Care Flexible Spending Account (LEX HCFSA), or Dependent Care Flexible Spending Account (DCFSA) can make a one-time change (increase or decrease) in the amount of their annual election in each of their FSA accounts. Participants, however, cannot receive a refund of allotments already made to an FSA account.
Other FSA-FEDS changes to help with the COVD-19 response include:
The 2019 DCFSA grace period has been extended to Dec. 31 to allow additional time for participants to incur expenses. Participants who made an election to a DCFSA for the plan year ending Dec. 31, 2019 had until March 15 (the "grace period") to incur eligible DCFSA expenses. Claims for reimbursement of these expenses were initially due by April 30. Any funds not used during the grace period are normally forfeited.
Participants may now carryover up to $550 of unused amounts in their HCFSA and LEX HCFSA remaining at the end of 2020 into 2021, if they re-enroll for the 2021 plan year. This increased carryover amount of $550 will continue in place for plan years beyond 2021.
For complete information, visit fsafeds.com.