Human Resources is please to announce that we have amended the WashU FSA to provide flexibility and help you take proactive steps for your health and financial well-being.
Under legislation that was passed and signed into law in late December 2020, employers are now allowed to provide flexibility to employees who need to make adjustments to their FSA contributions in 2021 and are able to extend the grace periods for FSAs.
Flexible Spending Accounts (FSAs) allow you to save and pay for out-of-pocket health care and child care expenses on a pre-tax basis. Prior to this new legislation, FSA participants could only enroll in or change their FSA elections during the calendar year if they had a qualified change in status.
Mid-year Permitted Changes: Dependent Care FSA and Health Care FSA
If you are participating in a WashU Health Plan, you may enroll in an FSA or increase or decrease your FSA contribution election amount without any qualifying life event on a prospective basis.
If you elect to increase your contribution election amount, you cannot receive reimbursement on that increased amount for expenses you incurred prior to the date of your change.
- For example: You elected to contribute $500 to your Health Care FSA, and on May 10, 2021 you elect to increase your contribution amount to $2,000. In this example, you can be reimbursed up to $500 for eligible expenses incurred prior to May 10, and up to the full $2,000 amount for eligible expenses incurred on or after May 10.
If you elect to decrease your contribution election amount, you may not reduce your FSA election amount below the greater of:
- The amount you have already been reimbursed for the year and
- The amount you have already contributed for the year.
- You elected to contribute $2,400 to the Health Care FSA for 2021, have contributed $300 to date and you have been reimbursed for $1,500 in expenses. In this case you cannot reduce your election below $1,500.
- You elected to contribute $3,000 to the Dependent Care FSA for 2021, have contributed $350 to date and have not been reimbursed for any amounts. In this case you cannot reduce your contribution below $350.
To make an election change to an FSA, please contact the WashU Benefits team at (314) 935-2332 or firstname.lastname@example.org. Changes cannot be made through the HRMS Employee Self-Service portal.
Any requested changes will be made as soon as administratively possible for the next available pay period.
Changes cannot be made retroactively and you cannot be refunded any amounts contributed prior to changing your election.
Health Savings Accounts (HSAs)
Permitted changes: You may enroll in an HSA or increase or decrease your HSA election amount on a prospective basis. Your requested change will be made as soon as administratively possible for the next available pay period.
To make an election change to an HSA, please contact the WashU Benefits team at (314) 935-2332 or email@example.com. Changes cannot be made through the HRMS Employee Self-Service portal.
Dependent Care and Health Care FSA Reimbursement Accounts Grace Period Change
The grace period for incurring claims for reimbursement utilizing 2020 FSA contributions has been extended from March 15, 2021 to December 31, 2021. Any request for reimbursement of expenses incurred during the grace period for 2020 contributions must be submitted to ConnectYourCare (CYC) by April 30, 2022.
Similarly, the grace period for incurring claims for reimbursement utilizing 2021 FSA contributions has been extended from March 15, 2022 to December 31, 2022. Any request for reimbursement of expenses incurred during the grace period for 2021 contributions must be submitted to CYC by April 30, 2023.
Contact CYC at www.wustl.connectyourcare.com or call 866-347-7276 to submit your claims.