The Coronavirus Aid, Relief, and Economic Security Act, or CARES Act, and recent Internal Revenue Service guidance recently added more flexibility to medical and dependent FSA plans.
Here are the highlights:
- Tax-free withdrawals for over-the-counter drugs and menstrual supplies
- More time to use health care FSA money
- New opportunity to increase, decrease, start or stop your FSA elections
- More flexibility to change dependent care contributions
Click here for more information regarding these changes.