As we approach the end of the year, we have a couple of changes and reminders to share with you.
2020 Health FSA Inflation Adjustments
Yesterday, the IRS released the annual inflation adjustments for 2020, which includes an increase in the annual maximum for the Medical/Health FSA from $2,700 to $2,750. However, the Dependent Care maximum remains at $5,000. Unless you have a specified FSA maximum, no changes have to be made to your plan documents.
HIPAA Release Form Requirement
2020 Open Enrollment Elections
If you have not already, we request that you send your group’s 2020 enrollment elections to our office as soon as possible, but no later than December 15, 2019. This will ensure we have adequate time to process the new elections and get the plan balanced with your payroll prior to the new plan year.
For those Medical FSA and Dependent Care FSA participants, we would like to remind all to “check and collect” those year-end balances. Balances may be easily accessed by logging into your account. Forms and information about filing a claim can be found here. Should you need assistance, please contact our office at (601) 982-0331.
Please reach out if you have any questions.