We want to share some good news about your flexible spending account (FSA) following a recommendation from the UK Employee Benefits Committee. In response to the COVID-19 pandemic, a recent federal law allows us to provide you some additional flexibility with your FSA money, whether it’s for health care or dependent care.
You can now change your contributions to your FSA at any time for the fiscal year that ends June 30. You can decrease your contribution for the year down to the amount you have already claimed this year. Normally, you can only make changes outside of open enrollment if you experience a qualifying event. But we are allowing you to change how much you contribute to your account at any time, for any reason.
There is no limit to the funds you can carry over. The limit you can roll over to the next year is normally set at $550. For both this fiscal year (ending June 30, 2021) and next fiscal year (ending June 30, 2022), you can rollover all funds you haven’t used in either a health care or dependent care FSA, regardless of the amount.
If you have a dependent care FSA, you can access your funds to pay for care for children up to age 14. Previously, the age limit was 13. As long as you were enrolled in a dependent care FSA for this fiscal year (which began July 1, 2020), you can access these funds for children up to age 14.
If you have any questions about these changes, please email firstname.lastname@example.org or call (859) 257-9519, option 3.
Thank you for taking advantage of our FSA benefit.