Dear Students and Families: The first day of classes is now less than 40 days away. We are all excited by the prospect of a return to an academic and student experience that resembles our pre-pandemic campus environment. A critical…
Important Update for 2020 Flexible Spending Accounts
Original expectations about your health and dependent care expenses for 2020 may have significantly changed due to the coronavirus (COVID-19) global pandemic. As a result, you may want to change your Flexible Spending Account (FSA) elections for 2020. Effective immediately, eligible faculty and staff are allowed to change health and dependent care FSA elections for 2020 without having a qualifying family status change.
Allowable changes must be made on a prospective basis and include new elections as well as increases or decreases to existing FSA elections. If an election is made to reduce your health care FSA contribution, the reduced contribution must be no less than claims that have already been reimbursed or approved for reimbursement.
Additionally, beginning this year, the maximum amount of unused health care FSA contributions that can carry over to the next year has increased from $500 to $550, and will be adjusted annually for inflation.
If you wish to make a change to your 2020 FSA election, or have any questions, contact HR Shared Services at email@example.com or 315.443.4042.