Flexible Spending Accounts (FSAs) allow MIT employees to contribute a predetermined percentage of pretax pay to an account that is then used to pay for qualifying expenses.
MIT's FSAs are administered by WageWorks.
How have the CARES Act and other recent COVID regulations impacted MIT’s Flexible Spending Accounts?
The CARES Act extended the list of Health Care FSA qualified expenses to include additional over-the-counter medications and products.
On April 3, 2020, MIT Benefits communicated the extension of the 2019 reimbursement window for Health Care and Dependent Care FSA claims from April 30, 2020 to May 31, 2020. Due to new regulations, that reimbursement window has now been extended to 60 days after the end of the President's declaration of a national pandemic or another time period as designated by the IRS. As of now, no end date for the national pandemic has been declared.
Recent regulations allow employees to revoke an election, make a new election, or decrease or increase an existing Health Care or Dependent Care FSA election on a prospective basis only. Employees cannot reduce their election to less than what has already been contributed and/or has been reimbursed.
Health Care Flexible Spending Account
A Health Care Flexible Spending Account (FSA) is a pre-tax benefit account used to pay for eligible medical, dental, and vision care expenses that aren’t covered by your insurance plan or elsewhere. It’s a smart, simple way to save money while keeping you and your family healthy.
Dependent Care Flexible Spending Account
The MIT Dependent Care Flexible Spending Account (FSA) allows eligible employees to set aside funds — before taxes — for planned dependent care services received for dependent children under the age of 13 while you work or search for work.
Tip: Keep Your Receipts
A good rule of thumb for both FSAs is to keep itemized receipts with dates of service, type of service received, and name of the person receiving services, as well as other supporting documentation related to your expenses and reimbursement requests, on hand. The IRS may request itemized receipts to verify select expenses. Credit card receipts, canceled checks, and balance forward statements do not meet the requirements for acceptable documentation.
Need Help or Have Questions?
Contact MIT Benefits by phone, email or in-person, or see the additional contact options below.