A dependent day care FSA account can be used for work-related child-care and elder-care expenses, that allows you, and if married, your spouse to work, seek employment or attend school full-time. Your elected contributions are deducted from your paycheck on a "pre-tax" basis and therefore are subject to IRS regulations. The following summarizes important facts regarding this benefit.
||Pre-tax dollars contributed to your dependent day care FSA reimburses you for expenses of certain services, such as the cost of a sitter or day care facility for your eligible children under age 13 and for the costs of similar care for eligible elderly or disabled family members (including your parents and your spouse's parents) who are incapable of self-care and spend at least eight hours per day in your home.|
||Dependents are determined eligible if considered to be a dependent for federal income tax purposes and are either: a child under the age of 13 or an individual who is physically or mentally incapable of self care.|
||Must be incurred during the Plan Year. Claims must be submitted within 90 days after the end of the Plan Year. The account covers child care or other dependent day care while you or your spouse work or attend school on a full-time basis. Day care centers must meet all appropriate licensing requirements when providing care for six or more individuals. Expenses qualified for reimbursement include services in or out of your home, including day camps, and must be provided while you attend work. Expenses incurred during periods where you and/or your spouse are not working or attending school full-time (vacations, leaves of absences, holidays, etc.) are not eligible for reimbursement.|
|Minimum $100.00 per plan year to a maximum of $5,000/annually ($2,500 for married filing separate). If both you and your spouse have access to a dependent day care FSA, the total of the two accounts may not exceed $5,000/annually.|
|FORFEITURE: IRS REGULATIONS
||If you have funds left in your FSA at the end of the plan year (June 30th), and no eligible expenses to claim, you will forfeit the unspent dollars. |
All claims for eligible expenses must be received by our FSA administrator, General Agency Company, on or before September 30th following the end of the plan year for active employees. For terminated or retired employees, claims must be received by our FSA administrator within 90 calendar days following the separation of employment. Claims must be incurred prior to the termination or retirement date.
Fund balances are non-transferrable between the health care FSA and the dependent day care FSA.
||Once you have paid an eligible dependent day care FSA expense, you can submit a reimbursement claim form, along with a copy of your paid invoice, to the address on the reimbursement claim form. Your request for reimbursement must include the caregiver's tax ID or Social Security number. You can only withdraw funds that have accumulated in your dependent day care FSA account. |
||If you participate in a FSA you must establish a direct deposit account for your reimbursements.|