Page 8 - 2024 HCTec Benefits Guide
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Dependent Care
NAME OF WELLNESS PROGRAM
Flexible Spending Accounts
A Dependent Care Flexible Spending Account (FSA) helps you pay for eligible dependent care expenses using tax-free
dollars. Your contribution is deducted from your paycheck on a pretax basis and is put into the Dependent Care FSA.
When you incur expenses, you can access the funds in your account to pay for eligible expenses.
Account type Eligible expenses Annual contribution limits
Dependent care expenses (such as day care, Maximum contribution is $5,000 per year
after school programs or elder care programs) ($2,500 if married and filing separate tax
Dependent Care FSA for children under age 13 or elder care so you returns).
and your spouse can work or attend school
full-time
Important information about FSAs
Your Dependent Care FSA elections are effective from January 1 through December 31. Claims
for reimbursement must be submitted by March 31 of the following year.
Please plan your contributions carefully. Any unused money remaining in your account(s) will
be forfeited. This is known as the “use it or lose it” rule and it is governed by Internal Revenue
Service regulations. Note that FSA elections do not automatically continue from year to year;
you must actively enroll each year.
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