Open Enrollment for 2021 Flexible Spending Accounts

By the People & Culture Team

It’s time for open enrollment for 2021 Flexible Spending Accounts. Please join our People & Culture team for a short presentation on FSAs on December 1st at 11:00 eastern.

What is a Flexible Spending Account?

Medical & Dependent Care: A flexible spending account is a tax advantaged plan that allows you to set aside pre-tax dollars to pay for eligible medical and dependent care expenses. Once you make an FSA election, it is set for the year and cannot be changed without a qualifying event. Funds in your FSA account are use it or lose it.

Transit: A qualified transit expense account allows you to set aside pre-tax dollars for commuting and parking expenses. Your transit election can be changed at any time and the funds in the account are yours for as long as you are employed with MCI.

What’s New for 2021?

Very little has changed for 2021. Flexible Spending Accounts will continue to be administered by Flores.

The IRS did not change the contribution limits for 2021.

The rollover limit for medical FSA accounts 2021 has increased to $550. This means that up to $550 in unused funds can be rolled forward into 2022.

The Open Enrollment Period is from November 30 – December 7. FSA enrollment is in Paycom and can be accessed by going to the Benefits tab and navigating to 2021 Benefits Enrollment. This is a quick turn-around to allow time for Flores to receive enrollment data and generate debit cards prior to January 1, 2021. Please take a few minutes to complete the open enrollment process, even if you don’t wish to participate, so that we know that enrollment is complete.

As always, please reach out to any member of the People & Culture team if you have questions about the FSA or any of your benefits. We hope to “see” you on December 1^st.

Jessica Bonorden, based in McLean at Jessica.bonorden@mci-group.com
Jessica Sanchez, based in Dallas at Jessica.sanchez@mci-group.com
Rebecca Watts, based in McLean at Rebecca.Watts@mci-group.com