Board of Directors has accepted our request to increase the limits.
Important Information about how the 2020 Pandemic Times can affect Your Flexible Spending Account and Open Enrollment
If you have yet to use all of your FSA funds for 2020.
The FSA is a “use it or lose it” plan. Funds that are unused at the end of the plan year are forfeited unless you are eligible for rollover. You may rollover unused FSA funds up to $550 provided you elect to contribute a minimum $100 in Medical FSA for 2021 plan year. If for some reason you do not have enough qualifying expenses to spend your 2020 FSA funds, make sure you do not wait too long to complete your 2021 benefits open enrollment so you can take advantage of the rollover provision.
Benefits Open Enrollment ends November 6, 2020.
Unused funds up to $550 can be rolled over into 2021 plan year provided you elect to contribute a minimum $100 in Medical FSA for 2021 plan year.
Not sure how much money you may have left in your 2020 FSA?
Log into https://padmin.com, locate “Available funds” shown under plan summary.