Due to the COVID-19 pandemic, the IRS recently eased restrictions surrounding changes that can be made to FSA enrollments during the plan year. The University FSA plan will allow for a one-time special modification period from June 1 through June 30, 2020, in which you may choose to stop or decrease your existing Health Care FSA and/or Dependent Care FSA.
Please note, you cannot decrease your contributions below the amount of reimbursements you have already received from your FSA since January 1, 2020. If you stop future contributions or decrease your annual election to less than the minimum required amount ($50), your coverage will terminate at the end of the month in which your last contribution was made. Claims incurred after coverage termination will not be eligible for reimbursement.
If you wish to make a change to your Health Care FSA and/or Dependent Care FSA for plan year 2020, please complete the 2020 FSA Enrollment and Change Form and select “Special Modification Period (June 1-30, 2020)” as the type of qualified status change.
To make use of this special one-time opportunity, return your form by June 30, 2020. Your change will be effective July 1, 2020. After June 30, 2020, you will not be able to make a change to your election unless you have a change in family status or a qualified family/employment status change, as defined by the IRS.