ANSWER: Yes. Since this is a change initiated by your dependent care provider you may prospectively decrease or cancel your election entirely. However, you will not be permitted to decrease part of it now and then decrease more later. Retroactive changes cannot be made. To make changes, complete the change of status/termination election form and return it to email@example.com.
In turn, you may also increase your election amount within 30 days of the school/daycare re-opening.
QUESTION: I had a scheduled medical procedure and other medical appointments that were cancelled as a result of the COVID-19 pandemic. Am I permitted to decrease my election for my health care flexible spending account (FSA) or cancel my election entirely?
ANSWER: No. There is not any new guidance issued at this time in regard to making election changes as a result of medical appointment and procedures being delayed as a result of the COVID-19 pandemic. It is possible new guidance may be forthcoming addressing this issue.
NMU offers two types of Flexible Spending Accounts (FSA's) which allows full-time employees to deposit money on a pre-tax basis from their paycheck into an account. The two accounts are known as 1) the FSA for health care expenses; and 2) the FSA for dependent care expenses. Funds can then be withdrawn from your account to cover approved out-of-pocket expenses for health care or dependent care.
Beginning with plan year 2014, the University amended its plan to allow employees to carry over up to $500 of unused funds at the end of the plan year. The carry-over provision pertains to the health FSA only—not the dependent care.
Any unused funds in excess of $500 in the health FSA at year-end will be forfeited. If you are not certain what your out-of-pocket expenses may be, we do encourage you to make a conservative estimate regarding your contribution amount.
- UNDER THE PATIENT PROTECTION AND AFFORDABLE CARE ACT (PPACA), CERTAIN OVER- THE-COUNTER ("OTC") DRUGS PURCHASED AFTER DECEMBER 31, 2010, WILL NO LONGER QUALIFY AS AN ELIGIBLE EXPENSE FOR REIMBURSEMENT FROM AN FSA or HRA UNLESS A PRESCRIPTION IS OBTAINED.
- WageWorks Account Login
- HRA and FSA Qualified Expenses
- HRA Plan Description
- FSA Plan Description
- FSA Open Enrollment
- Healthcare Flexible Spending Account
- Dependent Care Flexible Spending Account
- FSA Store
- Change of Status/Termination Election Form
Please visit takecarewageworks.com to learn more about the plan and, if enrolled, access your account information.If you have questions, please contact TakeCare® WageWorks customer service at 1-800-950-0105 (M-F from 9am to 8pm EST)