Page 14 - Fontbonne 2021 New Hire Guide
P. 14
Dependent Care FSA
Healthcare vs. Dependent A dependent care FSA provides you with the ability
Care Spending Accounts to save money on a pre-tax basis for daycare expenses
While healthcare and dependent care spending accounts for your child, disabled parent, or spouse. Generally,
function similarly, they are diferent when it comes
to how you can use your account balance. For health expenses will qualify for reimbursement if they are the
accounts, you are able to begin using your entire plan result of care for the following circumstances.
year balance as soon as the plan becomes efective.
Your children, under the age of 13, for whom
Dependent care spending accounts are diferent in you are entitled to a personal exemption on your
which reimbursements are based upon the amount
of your balance. If you submit a claim for an amount federal income tax return.
which is greater than your balance, then you will only be Your spouse or other dependents, including
reimbursed at the point in time for the amount of your
account balance. The remainder of the balance will be parents, who are physically or mentally incapable
reimbursed to you as additional funds are deposited into of self-care and rely on you for inancial support.
your account.
Eligible expenses include payments to daycare
centers, preschool costs (up to, but not including,
irst grade), after school care, and elderly care.
The cost of babysitting in a home is permitted—
as long as the person providing the care is not
one of your own children under age 19 or anyone
else you claim as a tax exemption on your federal
income tax return. You must provide the Social
Security or tax ID number of the care provider to
be reimbursed from your dependent care FSA.
The maximum amount you may contribute to
the dependent care FSA is $5,000 (or $2,500 if
married and iling separately) per calendar year.
You are eligible to contribute to the dependent
care FSA regardless of your medical plan
enrollment. HSA participants may also participate
in the dependent care FSA.
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Healthcare vs. Dependent A dependent care FSA provides you with the ability
Care Spending Accounts to save money on a pre-tax basis for daycare expenses
While healthcare and dependent care spending accounts for your child, disabled parent, or spouse. Generally,
function similarly, they are diferent when it comes
to how you can use your account balance. For health expenses will qualify for reimbursement if they are the
accounts, you are able to begin using your entire plan result of care for the following circumstances.
year balance as soon as the plan becomes efective.
Your children, under the age of 13, for whom
Dependent care spending accounts are diferent in you are entitled to a personal exemption on your
which reimbursements are based upon the amount
of your balance. If you submit a claim for an amount federal income tax return.
which is greater than your balance, then you will only be Your spouse or other dependents, including
reimbursed at the point in time for the amount of your
account balance. The remainder of the balance will be parents, who are physically or mentally incapable
reimbursed to you as additional funds are deposited into of self-care and rely on you for inancial support.
your account.
Eligible expenses include payments to daycare
centers, preschool costs (up to, but not including,
irst grade), after school care, and elderly care.
The cost of babysitting in a home is permitted—
as long as the person providing the care is not
one of your own children under age 19 or anyone
else you claim as a tax exemption on your federal
income tax return. You must provide the Social
Security or tax ID number of the care provider to
be reimbursed from your dependent care FSA.
The maximum amount you may contribute to
the dependent care FSA is $5,000 (or $2,500 if
married and iling separately) per calendar year.
You are eligible to contribute to the dependent
care FSA regardless of your medical plan
enrollment. HSA participants may also participate
in the dependent care FSA.
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