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 has the CARES Act 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. The Act also allows employers to extend the reimbursement window for 2019 Health Care and Dependent Care FSA claims from April 30, 2020 to May 31, 2020. You must still experience a qualified life event, per plan guidelines, to make a change to your FSA contribution.
Can I reduce or cancel my dependent care FSA contribution if I have reduced child care expenses as a result of day care closures or cancelled summer camps?
The current dependent care FSA qualifying event rules in place will allow you to make a change to your contribution if there has been a significant change to "cost or coverage." For example, if the provider is no longer providing the care (i.e., day care cancels or summer camp closes) the election can be reduced or eliminated. You have 31 days from the date of the qualifying event to update or change your contribution.
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.