On May 12, 2020, the IRS issued guidelines allowing employers to amend their FSA plans to permit changes to annual elections or allow new elections. Refunds of previously contributed contributions are not permitted. Check with your employer to see if your plan to allows for mid-year changes to your healthcare FSA. If allowed, you will need to complete a change of status form.

Keep in mind that even if you had an elective procedure planned and/or a doctor’s appointment scheduled, we are hopeful that you will be able to use your full election prior to the end of the plan year. You might also consider other procedures/services/products that could utilize un-used funds. Remember, the CARES Act now allows for OTC medications to be eligible for reimbursement without a prescription – but be careful not to stockpile.

Please note that if you are an HSA participant, you can increase, decrease or cease your contribution at any time.