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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

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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.