Many schools and child care centers throughout the country have temporarily closed due to COVID-19. Since this probably resulted in a change in the cost of care, it means employees can change how much they’re putting into their Dependent Care FSA. Employees have different options. Some may want to increase their election to cover new, unforeseen costs. Others may want to decrease the amount in their account. We’ve compiled a list of a few questions to ask to assess your readiness for this in Oracle HCM Cloud.
- What is your current process for handling FSA Dependent Care changes mid-year?
- Do you want your employees to handle this using self-service?
- If you would like to use self-service, do you have a dedicated life event that only allows an employee to change the FSA Dependent Care?
- If you would like to use self-service, will you allow employees to trigger the life event themselves?
- If you would like to use self-service, what documentation will need to be provided?
Based on how you answered the questions above, you may need to create a dedicated FSA Dependent Care Cost Change life event and a new document type to store provided documentation. The team at NorthPoint Group can walk through this and many other scenarios during one of our upcoming NPG Helps webinars.