First Financial Blog

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IRS Okays Mid-Year Changes to Health, FSA and Dependent Care Elections

To assist with the nation’s response to COVID-19, the IRS recently announced increased flexibility during calendar year 2020 for employers to allow new types of mid-year election changes under Section 125 “cafeteria” plans and extend claims reimbursement periods for Flexible Spending Arrangements. Under IRS Notice 2020-29, employers can amend their Section 125 plan documents to allow employees to: Enroll in employer-sponsored health coverage (even if the employee initially declined). Change plan elections, including moving from self-only to family coverage and vice versa. Attest that they are dropping coverage to enroll in other health coverage not sponsored by the employer. Stop,

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