Special Edition for Thursday, May 14th
IRS Provides More Options for
Unused Funds in Health FSAs and
DCAPs
On May 12, 2020, the IRS announced more options with respect to unused amounts in health flexible spending accounts (FSAs) and dependent care assistance programs (DCAPs). These options allow employers to permit:
  • An extended period for incurring health FSA or DCAP expenses; and

  • Health FSA carryovers of up to $550.

In addition, the IRS relaxed the mid-year election change rules for health FSAs and DCAPs for 2020 to allow participants to revoke their elections, make new elections or increase or decrease existing elections.

New COVID-19 Guidance for Section 125 Mid-year Election Change Rules
On May 12, 2020, the IRS released Notice 2020-29, which provides temporary flexibility for mid-year election changes under a Section 125 cafeteria plan during calendar year 2020. The changes are designed to allow employers to respond to changes in employee needs as a result of the COVID-19 pandemic.

This guidance relates to mid-year elections for self-insured and fully insured employer-sponsored health coverage, health flexible spending arrangements (health FSAs) and dependent care assistance programs (DCAPs).

Find additional COVID-19 and "Back To Business" related information on our website. You can get there by clicking HERE .
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The Health Consultants Group and The Health Solutions Insurance Agency are insurance brokerage firms specializing in employee benefits with a focus on health care reform and employee wellness programs. Our unique strategies tie together benefits, wellness and health reform initiatives to ensure your company is compliant with the ever changing health care landscape . Visit our website here.  
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