October 15 – November 14
Flexible Spending Information for 2020
A Flexible Spending Account (FSA) is an account that allows you to set aside pre-tax dollars to pay for qualified healthcare or dependent day care expenses through P&A Group. Enrollment is through SPS Workday, please see SPS Workday instructions.
Flexible Spending Accounts will not roll over into the next benefits period. An employee must take action during Open Enrollment to re-enroll in a Flexible Spending Account for it to be active for the 2020 Plan Year.
The minimum contribution is $5.00 per pay ($120 per plan year) in both the healthcare FSA and dependent care FSA. Deductions are based on 24 pay periods.
Employees wanting to contribute the maximum to each account should apply the following:
Health Care Account: contribute $112.50 per pay (over 24 pays)
Annual Maximum = $2,700
Dependent Care Account: contribute $208.33 per pay
Annual Maximum (per household) = $5,000
Grace Period and Claims Submission Deadline: For the Health Care Spending accounts, you have until March 15, 2021 to incur eligible expenses. Claims for expenses incurred between January 1, 2020 and March 15, 2021 must be submitted to P&A Group by April 15, 2021.
For the Dependent Care account, expenses must be incurred between January 1, 2020 and December 31, 2020. There is no grace period to incur expenses. Claims must be filed by April 15, 2021. Remember, even though you have until April 15, 2021 to submit the claim, the service dates must be during the calendar year of 2020.
Amounts not claimed by the April 15, 2021 due date, are forfeited to the State (in other words, “use it or lose it”).
It is important to review your plan coverage and submit the open enrollment changes online in SPS Workday by November 14.