Page 15 - Fontbonne University 2022 Benefits Guide
P. 15
2022
Benefits Guide
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 for your child, disabled parent, or spouse. While healthcare and dependent care spending accounts
function similarly, they are diferent when it comes to how
Generally, expenses will qualify for reimbursement you can use your account balance. For health accounts, you
if they are the result of care for the following are able to begin using your entire plan year balance as
circumstances. soon as the plan becomes efective.
X Your children, under the age of 13, for whom Dependent care spending accounts are diferent in which
reimbursements are based upon the amount of your
you are entitled to a personal exemption on balance. If you submit a claim for an amount which is
your federal income tax return. greater than your balance, then you will only be reimbursed
X Your spouse or other dependents, including at the point in time for the amount of your account balance.
The remainder of the balance will be reimbursed to you as
parents, who are physically or mentally additional funds are deposited into your account.
incapable of self-care and rely on you for
inancial support.
X 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.
15
Benefits Guide
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 for your child, disabled parent, or spouse. While healthcare and dependent care spending accounts
function similarly, they are diferent when it comes to how
Generally, expenses will qualify for reimbursement you can use your account balance. For health accounts, you
if they are the result of care for the following are able to begin using your entire plan year balance as
circumstances. soon as the plan becomes efective.
X Your children, under the age of 13, for whom Dependent care spending accounts are diferent in which
reimbursements are based upon the amount of your
you are entitled to a personal exemption on balance. If you submit a claim for an amount which is
your federal income tax return. greater than your balance, then you will only be reimbursed
X Your spouse or other dependents, including at the point in time for the amount of your account balance.
The remainder of the balance will be reimbursed to you as
parents, who are physically or mentally additional funds are deposited into your account.
incapable of self-care and rely on you for
inancial support.
X 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.
15
