New COVID relief legislation allows you to maximize the use of amounts in your Health Care Flexible Spending Account and/or your Dependent Care Flexible Spending Account.
Effective immediately, here's what is happening:
We are increasing your carryover amount.
All unused funds from 2020 in your Health Care Flexible Spending Account and/or your Dependent Care Flexible Spending Account will now carry over to 2021. Similarly, 2021 contributions to either your Health Care Flexible Spending Account or your Dependent Care Flexible Spending Account will carry over to the following 2022 plan year. No action is necessary – the funds will automatically carryover. Health Equity/WageWorks is in the process of making these funds available for 2021 and should have these funds available for participants soon.
Even if you did not re-enroll in a Health Care Flexible Spending Account and/or a Dependent Care Flexible Spending Account for this year (2021), you may still be able to use the funds remaining in your account from your 2020 contributions.
An employee may waive their right to receive the Carryover Benefits. An employee may want to waive the Carryover Benefits for their Health Care Flexible Spending Account if the employee intends to make contributions to a Health Savings Account ("HSA") for an upcoming year. If you wish to waive your Carryover Benefits, please contact your campus benefits office.
We are providing more flexibility to make election changes.
For the 2021 plan year, prospective election changes to your contribution amount to either your Health Care Flexible Spending Account or your Dependent Care Flexible Spending Account can be made without a qualifying life event. This allows enrollment, disenrollment, and changing of election amounts in 2021, without the need for a qualifying life event. If you wish to make changes to your 2021 election amounts, please contact your campus benefits office.
Elections cannot be reduced to an amount less than your year-to-date contributions or reimbursements.
We are temporarily increasing the age for qualifying dependents from 13 to 14.
If you had a qualifying dependent who turned (or will turn) 13 during the 2020 or 2021 plan years, you are now able to use any unused funds from 2020 for qualifying expenses for that child until they turn 14. To qualify for this relief, enrollment in the Dependent Care Flexible Spending Account Plan in 2020 is required.
It is our hope that these changes will be beneficial to our employees and their families.
If you need further assistance, please reach out to your benefits department at benefits@unl.edu or 402-472-2600 or directly to WageWorks at 877-924-3967.