On Dec. 27, 2020, President Donald Trump signed the Consolidated Appropriations Act, 2021, which allows the university to provide additional, temporary flexibility to employees regarding their flexible spending accounts, or FSAs. The university is pleased to be implementing the following:
Health care flexible spending accounts: Carryover update
Employees will be allowed to carry over all unused funds from their 2020 health care flexible spending accounts into 2021. Any 2020 balance remaining after the claim filing deadline of April 30, 2021, will be available to spend in 2021. You will have access to your full 2020 balance in WEX/Discovery Benefits around May 15 and will be able to use your debit card to spend these funds.
Dependent care flexible spending accounts: Updates
The grace period for the 2020 plan year has been extended. This means you may use any of your unused 2020 plan year funds for reimbursement of eligible dependent care expenses incurred through Dec. 31, 2021.
Also, the maximum age for eligible dependents has been temporarily increased through age 13. Any expenses for dependents who turned 13 in 2020 will be able to be reimbursed from your 2020 balance. You also can use your 2020 dependent care FSA balance for expenses incurred during 2021 for a child who turned 13 in 2020 until the child turns 14, or for a child who turns 13 in 2021.
The Consolidated Appropriations Act, 2021 allows for the acceptance of prospective health care and dependent care flexible spending account election changes regardless of whether the employee experienced an IRS-qualifying life event.
This means you are now able to newly elect, change, or revoke your 2021 HCFSA or DCFSA on a go-forward basis. Retroactive election changes cannot be accommodated. To make a change, log into the Benefits portal by clicking here and selecting myChoices Health & Life enrollment.
Questions on your account?
If you have any questions regarding your existing balance or account, log into your WEX/Discovery Benefits online account at wexinc.com or download the Discovery Benefits mobile app.
You also may contact Discovery's Participant Services team by emailing email@example.com or by calling 866-451-3399 Monday to Friday, 7 a.m. to 10 p.m. ET.
Posted in News+Info, Benefits+Perks
Tagged hr newswire