Page 14 - 2016 Enrollment
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Healthcare vs.
Dependent Care
Spending Accounts Participants in the HSA plan cannot participate in the Healthcare
While healthcare and dependent care FSA except on a “Limited FSA” basis, which allows for immediate
spending accounts do function quite access to funds for dental and vision expenses.
similarly, they are very different when
it comes to how you can use your
account balance. For health accounts, Dependent Care FSA
you are able to begin using your entire A Dependent Care FSA provides you with the ability to save money on
plan year balance as soon as the plan
becomes effective. a pre-tax basis for day care expenses for your child, disabled parent, or
Dependent care spending accounts spouse. Generally, expenses will qualify for reimbursement if they are the
are different in that reimbursements result of care for:
are based upon the amount of your
balance. If you submit a claim for Your children, under the age of 13, for whom you are entitled to a
an amount that is greater than personal exemption on your federal income tax return.
your balance, then you will only be Your spouse or other dependents, including parents, who are
reimbursed at that point in time for
the amount of your account balance. physically or mentally incapable of self-care and rely on you for
The remainder of the balance will be inancial support.
reimbursed to you as additional funds Eligible expenses include payments to day care centers, preschool
are deposited into your account.
costs (up to, but not including, irst grade), after school care, and
elderly care. The cost of baby-sitting 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.
You may deposit up to $5,000 (pre-tax) into your Dependent Care
FSA. Pre-tax contributions are withheld from each paycheck.
Unlike the Healthcare account, money is only reimbursed up to the
total balance of the account.
HSA participants may also participate in the Dependent Care FSA.
Fontbonne University
Healthcare vs.
Dependent Care
Spending Accounts Participants in the HSA plan cannot participate in the Healthcare
While healthcare and dependent care FSA except on a “Limited FSA” basis, which allows for immediate
spending accounts do function quite access to funds for dental and vision expenses.
similarly, they are very different when
it comes to how you can use your
account balance. For health accounts, Dependent Care FSA
you are able to begin using your entire A Dependent Care FSA provides you with the ability to save money on
plan year balance as soon as the plan
becomes effective. a pre-tax basis for day care expenses for your child, disabled parent, or
Dependent care spending accounts spouse. Generally, expenses will qualify for reimbursement if they are the
are different in that reimbursements result of care for:
are based upon the amount of your
balance. If you submit a claim for Your children, under the age of 13, for whom you are entitled to a
an amount that is greater than personal exemption on your federal income tax return.
your balance, then you will only be Your spouse or other dependents, including parents, who are
reimbursed at that point in time for
the amount of your account balance. physically or mentally incapable of self-care and rely on you for
The remainder of the balance will be inancial support.
reimbursed to you as additional funds Eligible expenses include payments to day care centers, preschool
are deposited into your account.
costs (up to, but not including, irst grade), after school care, and
elderly care. The cost of baby-sitting 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.
You may deposit up to $5,000 (pre-tax) into your Dependent Care
FSA. Pre-tax contributions are withheld from each paycheck.
Unlike the Healthcare account, money is only reimbursed up to the
total balance of the account.
HSA participants may also participate in the Dependent Care FSA.
Fontbonne University
