Flexible Spending Plan Carryover
Due to the COVID-19 pandemic, the IRS and Treasury Department have instituted new guidelines and allowances that apply to FSAs for just 2020.
Employees can rollover up to $550 of their Medical and Limited Purpose FSA for 2020. Discovery Benefits has updated their system to account for this change from the IRS effective immediately and no action is needed by those who participated in these plans for 2020.
Please keep in mind however, that you have until March 31, 2021, to file claims for expenses incurred in 2020. Only expenses incurred between Jan. 1, 2020, through Dec. 31, 2020, are eligible for the run out period, and these claims must be either be submitted online or through the mobile app for Discovery Benefits (WEX). The debit card WILL NOT work for 2020 expenses. Click here to download the claim form.
If you have questions about your flexible spending accounts, please log into your account at www.wexinc.com or call WEX at 866.451.3399 for assistance.
Dependent Care Flexible Spending Account Carryover
Due to the Consolidated Appropriations Act signed into law on Dec. 27, 2020, employees can carryover unused dependent care funds from 2020, up to $2,500, for use in 2021. Balances from 2020 in excess of $2,500 will be forfeited. Claims for dependent care flexible spending account claim can be submitted online or through the mobile app for Discovery Benefits (WEX). Click here to download the claim form.
If you have questions about your dependent care flexible spending accounts, please log into your account at www.wexinc.com or call WEX at 866.451.3399 for assistance.
