In preparation for fiscal year 2021, the following changes have been made to flexible spending accounts (FSA) and health insurance premiums.
Medical flexible spending account reimbursements
Unused FY20 medical FSA balances up to $500 will be rolled over into the subsequent plan year. Any medical FSA funds in excess of $500 will be forfeited.
Balances can be applied to eligible expenses incurred on or before June 30, 2020. Employees have until 10/31/2020 to submit forms to Navia for reimbursement.
Not sure what to do with those remaining medical FSA dollars? The 2020 CARES Act has added more reimbursable items for medical flexible spending accounts. These items can be purchased and reimbursed with the medical FSA to use up any unused funds as the fiscal year comes to an end.
Flexible spending enrollment extended
The FY21 FSA enrollment period has been extended, beginning July 1. Flexible spending accounts offer a convenient and easy way to save money for eligible medical and daycare expenses. Employees who wish to enroll can set aside pre-tax dollars to pay for qualifying expenses.
Please note the additional enrollment opportunity does not start until July 1. Applications submitted prior to the start of the FY21 fiscal year will need to be signed and dated with a July 1, 2020, date. Please submit completed FSA forms to the Human Resources Benefits Team by email at email@example.com.
FY21 Health Insurance Premiums Increased
Boise State employees enrolled in health insurance may have noticed an increase in medical and dental premiums on paychecks posted on June 12, 2020. See what’s changed by viewing the FY21 Bi-weekly rates and FY20 Bi-weekly rates for comparison.