Author Topic: Any upcoming changes to FSA accounts?  (Read 989 times)

nereo

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Any upcoming changes to FSA accounts?
« on: April 13, 2020, 08:24:35 AM »
Haven’t seen this discussed yet, but as time passes it’s becoming an issue for us.

We have a Dependent Care FSA which we contribute to every paycheck.  Enrollment is typically fixed, and the money has to be spent that calendar year.  Problem is daycare has now been closed for almost 2 months, so we’re accruing money in an account we can’t currently spend.  Pretty soon we are going to hit the inflection point where we’ll have more than we can spend for the remainder of the year.

Are there congressional plans for families to be able to access this money?

charis

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Re: Any upcoming changes to FSA accounts?
« Reply #1 on: April 13, 2020, 09:05:04 AM »
You can adjust your contribution amount mid year for change in cost. So you can lower your annual contribution to the amount you've already contributed and stop contributing now. I've adjusted up to 3 times in one year based on our changing child care needs.

nereo

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Re: Any upcoming changes to FSA accounts?
« Reply #2 on: April 13, 2020, 09:27:27 AM »
Thanks, that’s good information to have.

mm1970

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Re: Any upcoming changes to FSA accounts?
« Reply #3 on: April 13, 2020, 05:21:44 PM »
Haven’t seen this discussed yet, but as time passes it’s becoming an issue for us.

We have a Dependent Care FSA which we contribute to every paycheck.  Enrollment is typically fixed, and the money has to be spent that calendar year.  Problem is daycare has now been closed for almost 2 months, so we’re accruing money in an account we can’t currently spend.  Pretty soon we are going to hit the inflection point where we’ll have more than we can spend for the remainder of the year.

Are there congressional plans for families to be able to access this money?
I'm not sure what the future plan is, but last week I canceled my contributions.  I have $450 to spend still. I've prob spent $180 already, need to get reimbursed for that.

 

Wow, a phone plan for fifteen bucks!