The university has extended the deadline to Dec. 31 for faculty and staff to use pre-tax funds set aside through their 2021 flexible spending accounts. The extension is possible due to the federal Consolidated Appropriations Act passed in 2020.
The deadline typically is March 15. However, many people have been unable to fully utilize their FSA funds because of disruptions caused by COVID-19. Changes affect health care and dependent care FSAs.
Employees who have both a 2021 and 2022 Health Care FSA can still use their PayFlex debit cards. Eligible funds will first be applied to their 2021 balance. After 2021 funds are depleted through Dec. 31, eligible funds will be deducted from their 2022 balance.
The maximum age of eligible employees’ children for whom dependent care funds can be used is 12.
Reimbursement from the Dependent Care FSA is different from the Health Care FSA. Employees must complete Dependent Care FSA forms online, by smartphone or by submitting a hard copy after the provider has been paid.
For details regarding items and services covered by FSAs, go to the PayFlex website or call 844-729-3539, TTY 711, from 7 a.m. to 7 p.m. Monday-Friday, and from 9 a.m. to 2 p.m. Saturday.
(Note: This story has been edited from its original version to remove wording that indicated employees could amend their 2022 FSA contributions.)