Flexibility Added to FSA and Dependent Child Care Accounts
UW–Madison employees who are currently enrolled in a Flexible Spending Account (FSA) or Dependent Day Care Account now have the flexibility to make a mid-year change to either of these accounts without a qualifying life event (such as marriage or birth of a child). From July 1, 2020, until August 31, 2020, employees have a one-time opportunity to increase or decrease their annual contribution to an existing FSA or Dependent Day Care Account. Employees who wish to make a mid-year change must complete an Election Request Form. In addition, the amount employees may carry over for healthcare FSA has increased by $50 effective January 1, 2021. Employees may now carry over up to $550 from the 2020 plan year to the 2021 plan year. These changes were made in response to the COVID-19 pandemic.