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Thread: FLEXIBLE SPENDING ACCOUNT CHANGE- LOOK!

  1. #1

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    Default FLEXIBLE SPENDING ACCOUNT CHANGE- LOOK!

    So I read a story last week that said the IRS opened up rules for Flexable Spending Accounts- because of Covid-19, you can now, for a limited time, CHANGE THE AMOUNT DEDUCTED for your FSA.

    So I went to FSAFEDS.com, and found that IT IS TRUE-

    I previously only elected $750 this year, but I ran out early due to lots of expenses. I was able to do a
    "Life Event Change", (select Covid-19 adjustment to amount), and upped it to $1250.

    If you have already exhausted your FSAFEDS account- now is the time to jump on it, and take advantage of this rule change.

    Here is the info from FSAFEDS:

    Go here , read the link, hit "I accept", and then" I want to increase my election". Log in, and you can put in the amount you want it to become.

    COVID-19 Changes

    Jul 01, 2020


    To assist with the nation's response to the COVID-19 pandemic, FSAFEDS is announcing the following changes:


    1. OPM is permitting FSAFEDS participants a 60-day limited period during which certain mid-year changes can be made to their existing elections. The limited period begins on July 1, 2020 and ends 60 days from July 1, 2020. All participants who have enrolled in a 2020 Health Care Flexible Spending Account (HCFSA), Limited Expense Health Care Flexible Spending Account (LEX HCFSA), or Dependent Care Flexible Spending Account (DCFSA) will be allowed to make a one-time change (increase or decrease) in the amount of their annual election in each FSA account in which they are enrolled. Accordingly, participants cannot receive a refund of allotments from pay they have already made to their FSA account(s) year-to-date.
    2. The 2019 DCFSA grace period has been extended to December 31, 2020 to allow additional time for participants to incur expenses. Participants who made an election to a DCFSA for the plan year ending December 31, 2019 had until March 15, 2020 (the "grace period") to incur eligible DCFSA expenses. Claims for reimbursement of these expenses were due by April 30, 2020. Any funds not used during the grace period are normally forfeited. An extension of this period is being allowed this year on a one-time basis. Specifically, participants who made an election to a DCFSA in the plan year ending December 31, 2019, will now be allowed to incur eligible expenses until December 31, 2020. The extended claim period is automatic for qualified participants.
    3. Participants may now carryover up to $550 of unused amounts in their HCFSA and LEX HCFSA remaining at the end of 2020 into 2021, if they re-enroll for the 2021 plan year. This increased carryover amount of $550 will continue in place for plan years beyond 2021.



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  3. #2

    Join Date
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    Default Re: FLEXIBLE SPENDING ACCOUNT CHANGE- LOOK!

    Thanks for the heads up James
    May the force be with us.

  4.  
  5. #3

    Default Re: FLEXIBLE SPENDING ACCOUNT CHANGE- LOOK!

    Thanks James!


    Sent from my iPhone using Tapatalk

  6.  
  7. #4

    Default Re: FLEXIBLE SPENDING ACCOUNT CHANGE- LOOK!

    BTW James I changed to increase my election also!


    Sent from my iPhone using Tapatalk

  8.  
  9. #5

    Default Re: FLEXIBLE SPENDING ACCOUNT CHANGE- LOOK!

    Bumping this back up to the top of the forum so more of us can pay less taxes! Thanks James!

    Sent from my SM-G892A using TSP Talk Forums mobile app
    Disclaimer: I have absolutely no idea what I am doing.

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  11. #6

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    Default Re: FLEXIBLE SPENDING ACCOUNT CHANGE- LOOK!

    Bump:

    OPM has announced a short period to make MID-YEAR changes to your Flexible Spending Account dollar amounts, due to the COVID crisis. They are letting people make a one-time change in the medical fund amount . I just found out and did this a couple of days ago. You only have a few weeks left if you want to make changes. Here is the deal, from the FSAFEDS.COM website.


    Please share:

    COVID-19 Changes
    Jul 01, 2020


    To assist with the nation's response to the COVID-19 pandemic, FSAFEDS is announcing the following changes:

    OPM is permitting FSAFEDS participants a 60-day limited period during which certain mid-year changes can be made to their existing elections. The limited period begins on July 1, 2020 and ends 60 days from July 1, 2020. All participants who have enrolled in a 2020 Health Care Flexible Spending Account (HCFSA), Limited Expense Health Care Flexible Spending Account (LEX HCFSA), or Dependent Care Flexible Spending Account (DCFSA) will be allowed to make a one-time change (increase or decrease) in the amount of their annual election in each FSA account in which they are enrolled. Accordingly, participants cannot receive a refund of allotments from pay they have already made to their FSA account(s) year-to-date.

    Change Your 2020 Election Now

    The 2019 DCFSA grace period has been extended to December 31, 2020 to allow additional time for participants to incur expenses. Participants who made an election to a DCFSA for the plan year ending December 31, 2019 had until March 15, 2020 (the "grace period") to incur eligible DCFSA expenses. Claims for reimbursement of these expenses were due by April 30, 2020. Any funds not used during the grace period are normally forfeited. An extension of this period is being allowed this year on a one-time basis. Specifically, participants who made an election to a DCFSA in the plan year ending December 31, 2019, will now be allowed to incur eligible expenses until December 31, 2020. The extended claim period is automatic for qualified participants.
    Participants may now carryover up to $550 of unused amounts in their HCFSA and LEX HCFSA remaining at the end of 2020 into 2021, if they re-enroll for the 2021 plan year. This increased carryover amount of $550 will continue in place for plan years beyond 2021.
    Link here: www.fsafeds.com/support/messageboard/156.


    On the "Qualified Life Event Enrollment", simply select the first drop down, "change amount, Covid-19".

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