Flexible Spending Account Reminders
Posted in Announcements
Important plan details, including grace period information and enrollment deadlines for those who were enrolled in a Flexible Spending Account (FSA) in 2020 and/or 2021.
If you would like to contribute to an FSA in 2022…
You must enroll in a Health Care FSA or Dependent Care FSA in GMS during Open Enrollment period which concludes on Monday, November 15. You have until 10 p.m. (EST) on Monday, November 15, 2021 to specify your desired annual contribution. If you do not enroll in a Health Care or Dependent Care Flexible Spending Account during Open Enrollment, you will not be able to contribute to an FSA in 2022.
Currently, the maximum amount that you can contribute to a Health Care FSA is $2,750. The Internal Revenue Service (IRS) has not yet confirmed this limit for 2022. You will be notified if the amount increases or decreases for 2022. In the meantime, please proceed with making your election.
Currently, the maximum amount you may contribute to a Dependent Care FSA in 2022 is $5,000.
For those who choose to participate in a 2022 FSA, reimbursable expenses can be incurred through March 15, 2023.
If your annual salary is $135,000 or above and you enroll in a Dependent Care FSA…
Georgetown University must reduce contributions to a level that enables compliance with the Internal Revenue Code (IRC). In accordance with IRC regulations, Georgetown University must examine Dependent Care FSA elections each year to ensure that the benefit does not disproportionately benefit highly compensated employees. Affected employees will be alerted of any required change to their annual election by April 30, 2022. IRC regulations will not impact employees earning less than $135,000 in 2022. See benefits.georgetown.edu/flexspendacct (new window) for more details.
If you would like to make a change to your 2021 Health or Dependent Care FSA annual election…
The last day to request changes is Friday, December 1. You cannot request a reduction, only stop or increase your current 2021 annual election. Earlier this year, we communicated that the Consolidated Appropriations Act (CAA) allowed increased flexibility for FSA participants (new window) with increased maximums, extended grace periods and the ability to request annual election changes without experiencing a qualifying event. Follow these instructions (new window) for requesting a COVID-19 DC FSA change in GMS.
If you have a remaining balance in your 2021 Health Care or Dependent Care FSA…
You have until December 31, 2022 to incur expenses against your 2021 account balance and until January 15, 2023 to submit for reimbursement.
If you have a remaining balance in your 2020 Health Care or Dependent Care FSA…
You have until December 31, 2021 to incur expenses and submit for reimbursement against your remaining 2020 account balance.
A few more reminders…
If you plan to enroll in a High Deductible Health Plan and a Health Savings Account in 2022, you are not eligible to participate in a Health Care FSA. In other words, if you have a remaining balance in your 2021 Health Care FSA as of December 31, 2021, you won’t be able to contribute to a Health Savings Account until after you have exhausted your FSA balance.
Optum Financial, formerly ConnectYourCare, is the FSA administrator for Georgetown University. If you have any questions about your FSA please visit optumfinancial.com (new window).