A quick snippet of what you need to know:
- In May, the IRS released a notice indicating that employees will have an opportunity to make mid-year election changes to healthcare flexible spending accounts and dependent care assistance during the 2020 calendar year.
- Health plans may allow eligible employees to make changes to their current elections on a “prospective basis”. This also applies to employees that initially declined to elect FSA and dependent care plans.
Employees may apply unused amounts remaining in a health FSA or dependent care program to pay or reimburse medical and dependent care expenses.