Do you need to make changes in your Dependent Care Flexible Spending Account (FSA) due to COVID-19?
A change in the cost of care is an eligible life event for dependent care FSAs. If the recent school and/or daycare closures have impacted your Dependent Care FSA needs you may make changes to your 2019-2020 plan year election.
When determining if a change to your original election is needed, we ask that you evaluate your specific situation closely. Please review your current contribution and reimbursement amounts as well as potential and unreimbursed costs for the entire plan year (July 1, 2019 through June 30, 2020). Employees are permitted to decrease or increase their Dependent Care FSA election amount based on their change in cost due to the recent events.
If you would like to make a change to your Dependent Care FSA, please email benefits@ohio.edu as soon as possible with the following information:
- Employee name
- Ohio employee ID number
- Revised election amount for your 2019-2020 Dependent Care FSA (Example: Original election amount for the plan year $5,000 but due to the recent change in cost you will only need $3,000 total for the plan year. The revised election amount = $3,000).
Current dependent care FSA account information is available by logging into your account at: www.wageworks.com