Flexible Spending Account special enrollment deadline is Monday, March 15
Monday, March 15, is the deadline for current Flexible Spending Account, or FSA, participants to increase or decrease their elections for 2021 medical and/or dependent care accounts.During this FSA Special Enrollment Period, or SEP, which started on March 1, current participants can update their medical and dependent care elections for the remainder of 2021.
To request these changes, employees must complete and submit AU FLEXIBLE SPENDING ACCOUNT (FSA) PLAN MID-YEAR CHANGE FORM - 2021 SPECIAL ENROLLMENT PERIOD.
To submit the form, use the Secure Upload Site. Auburn University Human Resources, or AUHR, will review the form and FSA account(s) and notify participants regarding approval. Approved FSA election changes will be effective April 1 and continue through Dec. 31. Participants will begin to see the deduction changes on their paycheck for the first pay period ending in April.
Important to Know
• Participants must complete and submit the form to AUHR by March 15, or the requested FSA election changes will not be made.
• For 2021, the IRS-maximum medical FSA election is $2,750 per employee and the IRS-maximum dependent care FSA election is $5,000 per household.
• During this special period, participants cannot stop their elections or enroll in either account if they previously declined coverage unless there is a qualifying life event, such as changes in marital status, dependents, daycare services, etc. These are separate processes that must be submitted to AUHR for review.
• During this special period, participants cannot decrease their FSA election below the amount for which they have already been reimbursed, or the total of amount that has already been payroll deducted.
• Unlimited carryover for medical and dependent care FSA accounts will also be allowed for unspent FSA funds from 2021 to 2022
Submitted by: Patrick Johnston