On Friday March 27, 2020 the U.S. Senate signed into law the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) which contains important provisions that will affect HSAs, HRAs and FSAs.
In response to Coronavirus Pandemic the New Jersey Tax$ave Flexible Spending Account (FSA) is making two changes.
- Plan Year 2019 – Tax$ave is extending the date to submit claims (run out period) from April 30, 2020 to July 31, 2020. The last date to incur claims (grace period) remains March 15, 2020.
- Plan Year 2020 – Tax$ave is relaxing requirements to change Dependent Care Election. You will not need to supply documentation for your change in status but you must submit Change in Status (CIS) form within 60 days of the event. You are required by the IRS to have the documentation in your files. For more information about the Tax$ave
If you wish to make any changes to your current plan, please complete the Enrollment/Change in Status form for Plan Year 2020 and submit to Wageworks. Please see the Tax$save plan guide for assistance.