Health Care FSA, Limited Health Care FSA and Dependent Care Spending Account
We are pleased to announce that the recently signed Consolidated Appropriations Act, 2021 allows us to make some changes to your Health Care FSA, Limited Health Care FSA, and Dependent Care Spending Account in order to help alleviate the stress of using up your remaining 2020 Plan Year balances. None of these changes will impact the amounts that you have elected to contribute to your 2021 plan.
Health Care FSA and Limited FSA:
100% of your remaining 2020 plan year balance will carryover to your 2021 plan year (previously the carryover amount was capped at $550).
What this means
On January 1, 2021, up to $550 of your remaining Health Care FSA or Limited Health Care FSA balances already rolled into the 2021 plan year. If you still have a balance remaining in your 2020 plan, then this balance will also roll into the 2021 plan year. You may still submit claims for 2020 expenses through at least 4/30/2021.
Dependent Care FSA:
Your Grace Period for dependent care expenses has been extended from 3/15/2021 to 12/31/2021.
What this means
Your 2020 Dependent Care Spending Account plan year was 1/1/2020 through 12/31/2020. With this new extension, you may submit claims against your 2020 balance for any dependent care claims incurred through all of 2021. When you submit any claim to your Dependent Care account, the claim will use up your full 2020 balance before it will reimburse from your 2021 balance.
Please call the Benefits Service Center at (336) 832-8777 with any questions.