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