Flexible Spending Account Update: Extensions & Making Changes

medical employee smiling at camera.

UC has approved some important temporary changes to support employees who are at risk of losing their FSA contributions because they’ve been unable to obtain eligible services during the pandemic.

Extended COVID-19 relief for UC's Flexible Spending Accounts has been approved and includes:

  • Health FSA: Carry-over of full remaining balance
    The full remaining balance of unused Health FSA funds in a participants’ account will be carried over from the 2020 plan year to the 2021 plan year — not limited to $550 as announced last year.

  • Dependent Care FSA: Grace period extension
    The grace period to use 2020 DepCare FSA funds will be extended through Dec. 31, 2021. This means you can use the money you contributed during 2020 for eligible expenses you incur in 2020 and in 2021.

  • Changing your Health FSA and DepCare FSA elections
    Eligible employees will be allowed to make changes to their 2021 Health and DepCare plans without a qualifying life event.

Read the full article, which includes many more plan details, on UCnet

 

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