If you participate in a Flexible Spending Account, you’ll want to read this MCAP and DCAP Announcement, which may provide help with spending your current funds and/or estimating your expenses for next year!
In order to help address difficulty in using and planning for these funds due to the COVID-19 pandemic, the Internal Revenue Service (IRS) recently published guidance that allows additional flexibility to employees participating in Medical Care Assistance Plan (MCAP) and Dependent Care Assistance Plan (DCAP) accounts for Fiscal Year 2020 and Fiscal Year 2021.
What’s new for MCAP and DCAP accounts?
- MCAP and DCAP participants will be allowed an extended period through December 31, 2020 to incur expenses and submit claims for reimbursement from FY20 funds.
- MCAP: Mid-year enrollment and increases will be allowed without an associated Qualifying Event through December 31, 2020.
- Effective for FY21, you’ll be able to rollover $550 in unused MCAP funds to be used in FY22.
- DCAP: Mid-year enrollment increases, decreases, or termination will be allowed without an associated Qualifying Event through December 31, 2020.
Need to make changes?
FY21 Benefit Choice Open Enrollment ends Monday, June 1, 2020. If you have already made your FY21 Benefit Choice elections, you may login to MyBenefits.illinois.gov until June 1, 2020 to make changes.
Note: If you select START, all previous elections made in a prior transaction will be cleared out and you will need to complete all of your elections again. If you select MODIFY, you will be able to make only the necessary changes and submit to finalize your transaction. You must complete the FINALIZE step when making any changes to ensure your elections will be processed.
Resources
FY20/21 New IRS Guidelines for MCAP & DCAP
Flexible Spending Account Program
Questions?
For enrollment assistance, contact the MyBenefits Service Center. Bilingual customer service representatives are available.
- Phone: 844-251-1777 or TDD/TTY 844-251-1778
- Hours: 8:00 a.m. – 6:00 p.m. CT Monday through Friday
You may also contact University Payroll & Benefits (UPB):
