Enrollment Instructions. Drake’s annual open enrollment period for the 2021 Plan Year ends Monday, Nov. 30, at 11:59 p.m. Per IRS regulations, employees wishing to participate in Drake’sFlexible Spending Account (FSA) Plans must make a new election each Plan Year. Annual enrollment elections should be made for expenses incurred during the 2021 Plan Year.

Tax Savings. Participating in a flexible spending account (FSA) helps you save money by allowing you to set aside pre-tax dollars through automatic payroll deduction. Your pre-tax dollars may be used to pay for eligible health, dental, vision and dependent care expenses. See an example of how an employee’s take-home pay increases with participation in an FSA Plan.

Contribution Limits. Allowable contribution amounts for the 2021 Plan Year remain unchanged.

Health Care FSA Plan:
— Minimum Amount: $120
— Maximum Amount: $2,750

Dependent Care FSA Plan:
— Minimum Amount: $300
— Maximum Amount: $5,000

Carry Over Feature. Participants in Drake’s Health Care FSA Plan may carry over up to $550 of unused contributions to the 2021 Plan Year. Current Plan Year FSA participants may check account balances by calling Advantage Administrators (800-383-1623) or visiting advantageadmin.com.

How Does the Carry Over Feature Work? During the 2020 Plan Year, Jane contributes $2,750 to her Health Care FSA. Throughout the plan year, she is reimbursed a total of $2,150 for eligible expenses. Jane chooses to carry $550 of unused contributions to the 2021 Plan Year, resulting in the forfeiture of the remaining $50. Jane elects to contribute the maximum contribution amount of $2,750 for the 2021 Plan Year, in addition to the $550 carry over amount. She now has a total of $3,300 available during the 2021 Plan Year.

Health Care FSA	2020 Plan Year	Carry Over Amount	2021 Plan Year
Election Amount	$2750		$2750
Reimbursed Amount	$2150
Unused Contribution Amount	$600	$550	$ 550
New Account Balance	$0	$0	$3300

If you choose not to make a new Health Care FSA election during the annual open enrollment period, you may still carry over up to $550 of unused contributions to the 2021 Plan Year. Advantage Administrators will automatically carry remaining balances up to $550 to the new plan year. Estimated tax savings may be computed with Advantage Administrator’s benefit plan calculator.

Debit Cards. Health Care FSA participants must request to receive a debit (VISA) card on their enrollment form. Previously issued debit cards will be reactivated by Advantage Administrators per participant request on the enrollment form. Learn more about Drake’s FSA Plans.

— Marlene Heuertz, Human Resources