IRS Provides Relief for Certain Cafeteria Plan Rules During 2020 and Indexes the $500 Carryover Amount for Flexible Spending Accounts
"Notice 2020-29 generally allows a plan amendment to permit mid-year changes in elections during 2020, extend the end date of the permitted grace period under a Health FSA or [dependent care] FSA for using unused amounts from the 2019 plan year, and, for HDHPs, provide retroactive relief for telehealth services. Notice 2020-33 generally increases from $500 to $550 the permitted carryover of unused amounts remaining as of the end of a plan year in a Health FSA and permits health plans to reimburse individual
insurance policy premium expenses for the current plan year that are incurred prior to the beginning of the plan year.... Corresponding amendments to plan documents can be retroactive but must be made by December 31, 2021."
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