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Dear participant,
It has been a year since our lives were first impacted by COVID-19. We all have been affected in different ways, from canceling or postponing visits with family and friends, to finding new ways to celebrate holidays and carefully considering how to enjoy our favorite restaurants. So many of the things we previously took for granted now shed a light on what we value most. With cases declining and vaccine distribution underway, we have renewed hope that there is light at the end of the tunnel.
COVID-19 vaccines are more prominently available in our communities, with more Americans now eligible to receive the vaccine. The most recent announcement from the Biden Administration says vaccines will be available for all Americans age 18 and older by May. That is good news.
At the same time, concerns and misinformation about the vaccines continue. Read our Q&A about COVID-19 vaccines to help you sift through the facts and answer your questions. You can also visit the Center for Disease Control for the latest information and updates.
COVID-19 has resulted in some sweeping legislative changes over the past year that continue to help Americans in many ways, from stimulus checks, financial relief for businesses and health care-related support. Read below to find out how recent IRS guidance to Flexible Spending Accounts may affect you and your family in 2021 and beyond.
With the weather getting better in many parts of the U.S., you may be looking for ways to get moving and become more active. Wespath has launched the #CalledToMove campaign on social media to help. View this quick exercise tip video from Health Promotion Manager and Benefits Educator, Todd Creviston. For more exercise tips, follow Wespath on Facebook and Twitter. You also are invited to post a picture or video that shows how you stay active with the hashtag #CalledToMove.
Wespath Endorses Call for “Fair and Equitable” Response to COVID-19
Wespath recently endorsed the Access to Medicine Foundation's call for an effective, fair and equitable global response to COVID-19. The statement urges world leaders to support fair access to COVID-19 vaccines and treatments. Wespath CIO Dave Zellner added, “Ensuring a swift and equitable response to COVID-19—which includes supporting the fair distribution of vaccines and treatments around the world—is the strongest path to achieving a healthy global economic recovery.” Read more about the statement here.
Tax Time
It’s tax season and if you receive a tax refund it may seem a bit like a financial windfall—but choose how to use it wisely. Below are a few simple suggestions on how to best use your refund.
Do Good for Yourself
Spend a small amount of your refund to do something you enjoy. Buy that new gadget you have been eying or treat yourself to a good meal.
Do Good for Others
Donate a percentage to help others. Charitable giving, such as buying gifts for a family in need, can also improve your psychological and emotional well-being.
Do Good for Your Future
If you have credit card debt, pay all or part of it to save on interest. Build your emergency fund or make a one-time contribution to your retirement savings.
Tax season can often bring our overall financial picture into focus and get us thinking about how to improve our finances. Read the Five Reasons to Talk with a Financial Planner article from EY and see how you can benefit from the guidance of a credentialed, experienced and objective planner.
Saving Grace
Many of us know all too well that finances can cause stress in a relationship. The Saving Grace money management program can help. It provides you and your significant other with the necessary tools—including a financial autobiography questionnaire—to thoughtfully create a spending plan you can both be aligned with. Watch this brief video about the importance of creating a spending plan.
Wespath employee, Ryan Nilsson, says “My co-leader and I talk after our weekly Saving Grace meeting and one of us will say something like, ‘If that is the only thing people take away from the course, it will be useful.’ Almost every week there has been something in the workbook—or something that someone in the group shared—that can help my family with our finances. Getting to know a new group of people has been a wonderful added bonus.”
GET STARTED NOW!
Important Flexible Spending Account (FSA) Information
FSA rules were altered at the end of 2020 in response to the coronavirus pandemic. The new temporary FSA flexibility has the potential to put money back in your bank account. Here is a summary of the new rules:
- You are permitted to create or terminate a health or dependent care FSA mid-year. You can also increase or decrease contributions to an FSA mid-year.
- You cannot undo contributions to an FSA that have already been made.
- You cannot reduce your election for the year to an amount that is less than what has already been contributed or reimbursed.
- You can carry over all unused 2020 health and dependent care FSA funds for use in 2021 and 2022. In years past you could carry over up to $550 in a health FSA and you could not carry over any money in a dependent care FSA.
Wespath is exploring implementation of the higher dependent care FSA limit ($10,500) for 2021 allowed by the American Rescue Plan Act. We will provide additional information as soon as we are able.
If you would like to create, terminate or modify an existing FSA, please notify your salary paying unit and plan sponsor to make sure all parties are aware of your intentions. You can also contact the Wespath Health Team directly to update your FSA. Questions? E-mail them to healthteam@wespath.org.
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