Benefit Strategies | Coronavirus Resources & Information

The IRS permits changes to an election for the below situations (called Qualifying Events). We are continually monitoring regulations to determine if any new Qualifying Events will be permitted due to the extraordinary circumstances being experienced across the country.

Qualifying Events Due to Employment Changes:

You or your legally married spouse’s termination of employment
Your legally married spouse’s commencement of employment
You or your legally married spouse’s change from part-time to full-time, or full-time to part-time status
You or your legally married spouse’s unpaid Leave of Absence (LOA)

Other Qualifying Events:

Marriage
Divorce
Birth or Adoption
You or your legally married spouse’s or your dependent’s death

How To Make A Change To Your Health FSA Election If You Have Experienced A Qualifying Event:

You will need to contact your employer so they can update your payroll records and they will then notify Benefit Strategies to make the change in our system. Keep in mind your employer may have deadlines for the changes to be made in time for the following payroll.

Dependent Care FSAs

The IRS permits changes to an election for the below situations (called Qualifying Events). We are continually monitoring regulations to determine if any new Qualifying Events will be permitted due to the extraordinary circumstances being experienced across the country.

Qualifying Events Due to Changes in Childcare Arrangements:

You no longer need childcare
You no longer need childcare as frequently
You have had a change in the amount you pay for childcare (increase or decrease)
You now need childcare - this is a Qualifying Event to add the Dependent Care FSA if you are not currently enrolled.

Qualifying Events Due to Employment Changes:

You or your legally married spouse’s termination of employment
Your legally married spouse’s commencement of employment
You or your legally married spouse’s change from part-time to full-time, or full-time to part-time status
You or your legally married spouse’s unpaid Leave of Absence (LOA)

Other Qualifying Events:

Marriage
Divorce
Birth or Adoption
You or your legally married spouse’s or your dependent’s death

How To Make A Change To Your Dependent Care FSA Election If You Have Experienced A Qualifying Event:

You will need to contact your employer so they can update your payroll records and they will then notify Benefit Strategies to make the change in our system. Keep in mind your employer may have deadlines for the changes to be made in time for the following payroll.

Parking and Transit Accounts

IRS regulations allow participants to make changes to Parking and Transit elections at any time. This includes decreasing or increasing your election amount or suspending enrollment in the plan.

How To Make A Change To Your Parking and/or Transit Account Election or Suspend Enrollment:

You will need to contact your employer so they can update your payroll records and they will then notify Benefit Strategies to make the change in our system. Keep in mind your employer may have deadlines for the changes to be made in time for the following payroll.

Health Savings Accounts (HSAs)

IRS regulations allow HSA account holders to make changes to the amount they are contributing to their HSA at anytime. This includes no longer making any contributions.

New:The IRS has provided guidance that due to the 2019 tax filing deadline being moved to July 15, 2020, HSA contributions for 2019 can be made at any time up to July 15, 2020.

How To Make A Change To Your HSA Contribution Amount:

You will need to contact your employer so they can update your payroll records and they will then notify Benefit Strategies to make the change in our system. Keep in mind your employer may have deadlines for the changes to be made in time for the following payroll or other policies surrounding timing of HSA contribution changes.

How changes can be made with BenStrat

Clients should always use their normal method for submitting changes to Benefit Strategies.

NEW! If your normal method for submitting FSA changes is submitting our paper FSA Status Change Form, please note we now have an electronic fillable form and no longer use the paper form. The electronic form can be found here. You can also access the form from the FSA page in the Resources section of benstrat.com.

CARES Act Provides New Section 213d Eligible Expenses

The CARES Act

What this means for you

Over-the-counter items eligible under an FSA

New! Two permanent changes to FSA and HSA eligible expenses have been made under the federal CARES Act law signed March 27, 2020. Both of these changes are retroactive and effective for expenses incurred on or after 1/1/2020.

1) Over the Counter (OTC) drugs and medicines no longer require a prescription to be eligible. This includes products such as cough syrup, allergy medicine and pain relievers.

2) Menstrual care products (i.e. tampons, liners, pads, cups, etc.) are now eligible.

Next steps: Debit card re-coding needs to take place nationally and then individual merchants (drug stores, grocery stores, online retailers, etc.) that accept FSA debit cards will need to update their own systems. This will take time but we expect debit cards to work for these expenses by early summer 2020, although some merchants may take longer. Until you are able to use your card, you can use another form of payment for these items and submit for reimbursement to Benefit Strategies through our secure online portal, mobile application or an FSA claim form/HSA distribution request form.