Page 14 - Fontbonne New Hire
P. 14
Healthcare vs.
Dependent Care
Spending Accounts Dependent Care FSA
While healthcare and dependent care A dependent care FSA provides you with the ability to save money on
spending accounts do function quite a pre-tax basis for daycare expenses for your child, disabled parent, or
similarly, they are very different when spouse. Generally, expenses will qualify for reimbursement if they are the
it comes to how you can use your
account balance. For health accounts, result of care for the following circumstances.
you are able to begin using your X
entire plan year balance as soon as Your children, under the age of 13, for whom you are entitled to a
the plan becomes effective. personal exemption on your federal income tax return
Dependent care spending accounts X Your spouse or other dependents, including parents, who are
are different in which reimbursements physically or mentally incapable of self-care and rely on you for
are based upon the amount of your inancial support
balance. If you submit a claim for
an amount which is greater than X Eligible expenses include payments to daycare centers, preschool costs
your balance, then you will only be (up to, but not including, irst grade), after school care, and elderly
reimbursed at the point in time for care. The cost of babysitting in a home is permitted—as long as the
the amount of your account balance. person providing the care is not one of your own children under
The remainder of the balance will be age 19 or anyone else you claim as a tax exemption on your federal
reimbursed to you as additional funds
are deposited into your account. 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.
14 2018 New Hire Enrollment
Dependent Care
Spending Accounts Dependent Care FSA
While healthcare and dependent care A dependent care FSA provides you with the ability to save money on
spending accounts do function quite a pre-tax basis for daycare expenses for your child, disabled parent, or
similarly, they are very different when spouse. Generally, expenses will qualify for reimbursement if they are the
it comes to how you can use your
account balance. For health accounts, result of care for the following circumstances.
you are able to begin using your X
entire plan year balance as soon as Your children, under the age of 13, for whom you are entitled to a
the plan becomes effective. personal exemption on your federal income tax return
Dependent care spending accounts X Your spouse or other dependents, including parents, who are
are different in which reimbursements physically or mentally incapable of self-care and rely on you for
are based upon the amount of your inancial support
balance. If you submit a claim for
an amount which is greater than X Eligible expenses include payments to daycare centers, preschool costs
your balance, then you will only be (up to, but not including, irst grade), after school care, and elderly
reimbursed at the point in time for care. The cost of babysitting in a home is permitted—as long as the
the amount of your account balance. person providing the care is not one of your own children under
The remainder of the balance will be age 19 or anyone else you claim as a tax exemption on your federal
reimbursed to you as additional funds
are deposited into your account. 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.
14 2018 New Hire Enrollment
