FSA changes – New enrollment, election options added
The Postal Service wants employees to know about recent changes to the Federal Flexible Spending Account program that have created new options for participants.
The program, also known as FSAFEDS, allows employees to make pretax payroll contributions to cover their family’s health, dental, vision and day care expenses, saving approximately 30 percent on out-of-pocket costs.
Recently enacted legislation and updated IRS guidance have resulted in the following changes to FSAFEDS’ health care and limited-expense health care accounts:
• Employees may enroll, increase or decrease current elections during a special enrollment period from June 1-30.
This will also allow employees who didn’t reenroll for 2021 during last fall’s open season to enroll for this year and gain access to available 2020 carryover funds.
• During the special enrollment period, current participants can increase or decrease their elections by logging into FSAFEDS.com.
Choose “Special Enrollment Period” from the “Enroll in a Plan” menu located at the top of the homepage. Select the “Increase my election” or “Decrease my election” option.
• Employees who want to enroll for the first time should go to the FSAFEDS website and select “Special Enrollment Period” from the “Enroll in a Plan” menu.
New elections will be effective the first day of the following pay period.
Additional FSAFEDS changes were announced in May.
For more information, go to the FSAFEDS website or call 877-372-3337 (TTY: 866-353-8058).