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Important COVID-19 Medical and Dependent Flexible Spending Account (FSA) Information

Important COVID-19 Medical and Dependent Flexible Spending Account (FSA) Information

WVU Benefits Strategy would like to share important information regarding Medical and Dependent Flexible Spending Accounts (FSAs). Whether or not an employee is currently enrolled in a Medical FSA or Dependent FSA through Mountaineer Flexible Benefits (FBMC), the information below pertains to all benefits-eligible employees under the special circumstances related to COVID-19.

In accordance with existing IRS guidelines, Medical and Dependent Care FSA enrollment and increasing or decreasing withholdings for the fiscal year are permissible due to the following qualifying life events:

  • Increase in employment hours; 
  • Change in employment status; 
  • Return from FMLA leave; 
  • Substantial change in employer benefits/cost; 
  • Change of cost from the provider (or in the instance of COVID-19, daycare re-opening or closure); or
  • Change of provider resulting in change of cost.
Important Items to Note:

Per a memorandum from Mountaineer Flexible Benefits to plan participants on Aug. 13, they are extending the deadline (e.g., grace period) to spend remaining funds from the 2019-2020 plan year (July 1, 2019 - June 30, 2020) for current FSA and DFSA accountholders.
  • Healthcare FSA Deadline: Nov. 30, 2020 
  • Dependent Care FSA Deadline: Dec. 31, 2020 
Additionally, FBMC is extending the run-out period to submit receipts or reimbursement requests for plan year 2019-2020 to Mar. 30, 2021.

All benefits-eligible employees (regardless if they currently participate in a FSA or DFSA) are permitted to make one (1) midyear election change (e.g., enroll for a new account or adjust contribution amounts) without providing supporting documentation until Dec. 31, 2020 . 

Additional questions may be directed to Shared Services at  sharedservices@mail.wvu.edu or 304-293-6006.

FAQs

Q.  During Open Enrollment this year, I did not know how much money I needed in my Dependent FSA account. Am I now able to increase or decrease my plan year 2021 (July 1, 2020 - June 30, 2021) amount if my daycare is re-opening/closing?  

A. Yes, under the existing IRS guidelines, you may increase or decrease the amount of your Dependent Care FSA for the Plan Year 2021 by completing a FBMC change-in-status form. Please submit your completed form to Shared Services at sharedservices@mail.wvu.edu .

Q.  What if I previously did not have a Medical FSA or Dependent Care FSA but wish to enroll now?

A. Under the existing IRS guidelines, you may enroll for a Medical or Dependent Care FSA for the Plan Year 2021 by completing a FBMC change-in-status form. Please submit your completed form to Shared Services at sharedservices@mail.wvu.edu.