|
Dear participant,
Although Memorial Day is often heralded as the start of summer in the U.S., the official beginning of summer this year is June 20, which marks the summer solstice. It’s the calendar day with the most hours of daylight, so be sure to get outside and enjoy.
June is also traditionally part of peak Annual Conference season for United Methodists all around the world. During the first few weeks of June 2021, an annual conference session is scheduled nearly every day! Many are still virtual sessions, although some conferences have organized hybrid events. Our thoughts go out to clergy and lay leaders at these sessions, that these gatherings might be productive and meaningful.
Nat King Cole might have sung about “those lazy, hazy, crazy days of summer,” but Wespath works diligently year-round to keep you informed about your investments, provide educational opportunities to learn financial well-being skills, learn how life’s transitions affect your bottom line and much more, as covered in this issue of Wespath Update.
Should You Be Worried About Inflation Right Now?
Those with an eye on economic news have likely noticed increased chatter about inflation recently. Unprecedented fiscal and monetary stimulus packages, as well as continued economic reopening following COVID-19 restrictions, have resulted in higher consumer spending, labor shortages and rising prices.
How does this affect your finances? In our latest Investment Insights blog post, Wespath Chief Investment Officer Dave Zellner examines the causes of increased inflation right now and explains why we adhere to a long-term investment approach despite near-term economic disruptions. Read it here.
Support UMCOR’s Global Response to COVID-19
While the COVID-19 pandemic has negatively affected health systems globally, it has devastated health systems in developing countries such as India. UMCOR has been there to help, supporting long-term partners working on the ground in emergency humanitarian and health response. As of May 20, 2021, UMCOR has provided $110,000 grants to Christian Medical College (CMC) in Vellore to support the purchase of medical equipment to treat COVID-19 patients, and to Church’s Auxiliary for Social Action (CASA) to provide relief to those who have lost income due to the pandemic.
You can help, too. Don’t forget that Virgin Pulse participants can donate the Pulse Cash earned from being active directly to UMCOR! Follow the details listed here.
Saving Grace Introductory Event Coming in July
Wespath and Abingdon Press collaborated to create a new financial curriculum! Introducing the Saving Grace Financial Curriculum—a biblically-based, Wesleyan tool that can help you reach personal financial goals!
You’re invited to attend an introductory event that will acquaint you with Saving Grace; provide the text and tools you need to address the topics of saving, earning, giving, spending and debt; and offer helpful strategies for achieving a sustainable financial life for you.
The event will be offered from noon to 4:00 p.m., Central time, on Tuesday, July 20 and Monday, July 26. These are identical events, so choose the date that works best for you. The registration fee is $15 for one person and includes one workbook and e-book. Each additional person is $10; all registrants receive a workbook and an e-book. Plan to participate and start working toward achieving a sustainable financial plan.
Important COVID-19 Coverage Information for HealthFlex Participants
In response to the U.S. Department of Health and Human Services extending the COVID-19 public health emergency period to July 20, 2021, coverage for HealthFlex participants will be extended until at least July 31, 2021, for the following:
- COVID-19 testing covered at 100%
- In-network COVID-19 treatment covered at 100%
- $0 copay for MDLIVE® online consultations
Participants, Spouses Can Now Easily Sign up for Blueprint for Wellness®
Now both primary participants and covered spouses can easily register for the Quest Blueprint for Wellness through the Virgin Pulse® website and app.
This new feature, referred to as a single sign-on, will allow those logged in to Virgin Pulse to access the Quest Diagnostics® website without having to enter a second username and password. This is part of Wespath’s commitment to making it easier for participants to engage with their benefits.
To register for the Blueprint for Wellness, participants and covered spouses will log in to their Virgin Pulse® account at virginpulse.com/login or via the Virgin Pulse app, select the “Benefits” tab on the home page and then search for Blueprint for Wellness Screening.
Primary participants can continue to sign up for a screening through Benefits Access. Both primary participants and covered spouses can also call 1-855-623-9355 to register.
Dependent Care FSA Maximum Will Remain $5000—Prospective Changes Allowed
The HealthFlex dependent care flexible spending account (FSA) limit will remain at $5,000—and $2,500 for taxpayers who are married filing separately—for 2021.
The American Rescue Plan Act increased the value of the dependent care tax credit for 2021 to $10,500. The interaction of the dependent care tax credit and a dependent care FSA is complicated and highly dependent upon a family’s situation, but in general, the tax credit cannot be claimed for expenses paid through a dependent care FSA. In that case, even without a higher contribution limit in the dependent care FSA, participants may be able to take advantage of enhanced tax treatment of dependent care expenses for 2021.
Dependent care FSAs allow participants to use pre-tax income to pay for services such as daycare, summer camps and before- or after-school programs.
As previously reported, participants can still make changes mid-year to a dependent care FSA in 2021. In summary:
- Participants are permitted to elect, terminate, and increase or decrease their dependent care FSA;
- Changes must be prospective, meaning participants can't undo contributions that have already been made; and
- The new amount cannot be less than what has already been contributed or reimbursed.
For Your Education
| 
