To better assist our employees manage through this year, Drake University amended its FSA plans to permit prospective mid-year health care and/or dependent care election changes. Through the end of this calendar year, employees may:

• Elect to participate in Drake’s health care and/or dependent care FSA plans – even if they previously have waived the benefit.
• Elect to terminate current participation in Drake’s health care and/or dependent care FSA plans.
• Increase or decrease current health care and/or dependent care elections.

Please note: you cannot increase contribution amounts to pay for expenses that have already been incurred. Increased contributions must be used for the remaining portion of the 2021 calendar year. Increased election amounts will be deducted throughout the remainder of the calendar year beginning with the first payroll after the election is made. Contribution limits for the 2021 calendar year are as follows:

Health Care FSA (2021)

Minimum Contribution:  $120                           Maximum Contribution:  $2750

 Dependent Care FSA (2021)

Minimum Contribution:  $300                           Maximum Contribution:  $10,500

Additionally, health care FSA participants may carry over up to $550 of unreimbursed contributions to the 2022 calendar year. To make changes to your current (2021) FSA participation, please complete and return the FSA Mid-year Change Form to  drakehr@drake.edu   As always, should you have questions regarding your benefits, please feel free to directly contact marlene.heuertz@drake.edu.

— Marlene Heuertz, Human Resources