2021-2022 Flexible Spending Account Opportunities
Due to federal relief opportunities that impact Flexible Spending Accounts (FSAs), the University is able to extend this opportunity to faculty and staff to change FSA elections, spend FSA money, and reimburse with FSA accounts.
FSA Spending Extended from March to December in 2021, 2022
The grace period for spending 2020 FSA accounts is extended to December 15, 2021 and the deadline to reimburse yourself and submit receipts is extended to December 31 due to a federal relief opportunity passed in response to COVID-19. The same will be true again in 2022—you can spend 2021 FSA dollars until December 15, 2022 and reimburse and submit receipts until December 31, 2022.
These dates are extended from the regular March deadlines you may be accustomed to. FSAs are still a “use it or lose it” benefit where money is no longer available to you after the deadline, but this year, you have extra time due to federal legislation about COVID-19’s impact.
An extra perk for 2020 Dependent Care FSA members: as part of this relief package, unused 2020 FSA dollars can be used to reimburse for eligible care expenses for dependents up to age 14. Previously, only dependents under the age of 13 were eligible. Eligible expenses remain the same, and continue to include day camps.
By December 15: Finish your spending
You may spend remaining dollars in any 2020 FSA account (Health Care, Dependent Care, Limited FSA) until December 15, 2021. Find eligible expenses or check your FSA account balance.
If you elect an FSA again for 2021, you can spend those dollars until December 15, 2022.
By December 31: Submit your receipts for reimbursement
For any expense you “incur” (items or services you’ve received but haven’t done the FSA paperwork for yet), remember to submit your receipts by December 31 to “reimburse” (pay yourself back) from any other accounts you’ve used to pay at the moment.
If you elect an FSA again for 2022, you can spend those dollars until December 31, 2022.
Questions about FSAs? Feel free to contact a Wex (formerly Discovery Benefits) FSA representative by calling 1-844-561-1333, or a University OHR Contact Center representative by calling 612-624-8647 and choosing Option 1, calling 800-756-2363, or emailing email@example.com.