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.
- Healthcare FSA Deadline: Nov. 30, 2020
- Dependent Care FSA Deadline: Dec. 31, 2020
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 firstname.lastname@example.org .
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 email@example.com.