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With coronavirus drastically altering childcare for millions of parents, federal employees may be considering changes to their FSAFeds dependent care contributions.
Last week, FSAFeds issued a reminder in response to daycare and school closures and the possibility that the impact of the coronavirus could extend to summer camp programs.
Federal employees may increase or decrease contributions to their Dependent Care Flexible Spending Account (DCFSA) election mid-year if they experience a qualifying life event including:
-a change in employment status for them, their spouse or dependent.
-a change in cost or coverage of dependent care services.
The change to the employee’s account must be consistent with the reason for the change. For example, if a dependent care provider is no longer providing care (i.e., before/after care/daycare closes, summer day camp cancels or care is no longer needed) the election can be reduced. Similarly, an election can be increased if the employee needs supplemental child or adult care if more hours are worked.
To submit a change in a qualified life event, log into FSAFEDS.com.