Duke has adopted new provisions primarily based on the just lately handed Consolidated Appropriations Act (CAA) that can enable college and employees larger flexibility in utilizing remaining 2020 balances and making modifications to 2021 elections for Duke’s healthcare reimbursement account and dependent care reimbursement account.
The CAA permits employers to briefly undertake provisions that enable staff to hold over the complete quantity of their unused 2020 balances in each their well being and dependent care reimbursement accounts for fee of 2021 bills. Extra provisions of the Act allow staff larger flexibility in making potential, mid-year modifications to each of those accounts.
These modifications assist handle considerations from contributors in each packages about typical well being and daycare providers that have been both unavailable or deferred throughout 2020 because of the pandemic. This resulted in bigger unused 2020 account balances, funded pre-tax earnings, which in any other case would have been forfeited because of the “use-it-or-lose-it” rule ordinarily required underneath the Inside Income Code. In addition they enable contributors to make adjustment to this 12 months’s elections primarily based on unanticipated wants associated to the affect of the continuing pandemic.
Listed here are the highlights:
- Starting March 29, staff could submit claims in opposition to full, remaining 2020 well being and dependent care account balances for eligible bills incurred anytime in 2021. See right here for extra particulars, and
- If you need to make a potential change to the 2021 reimbursement account elections made in open enrollment for any purpose, you could achieve this now up via August 31, 2021. See right here for steerage and caveats, and
- When you have a remaining 2020 dependent care account steadiness, enrolled previous to January 31, 2020, and have a toddler who has turned age 13 throughout 2020, see right here concerning a brief eligibility change elevating the age as much as 14, and lastly
- In case your participation within the plan(s) ends throughout 2021, you’ll nonetheless be capable of submit claims for the steadiness in your account for bills incurred via December 31, 2021. See right here for extra particulars.