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IRS Relaxes Cafeteria Plan Rules for COVID-19 and Increases Health FSA Carryover to $550
ABD Insurance & Financial Services Link to more items from this source
[Guidance Overview]
May 13, 2020

[IRS Notice 2020-33 increases] the health FSA carryover cap from $500 to 20% of the salary reduction contribution limit ($550 for 2020 carryovers into 2021).... [Notice 2020-29 provides] five new permitted mid-year election changes ... [1] Mid-year health plan enrollment for waived employees.... [2] Mid-year plan option change or to add dependents.... [3] Mid-year dropping of health plan coverage.... [4] Health FSA election changes.... [5] Dependent care FSA election changes."

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