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Dependent Care Flexible Spending Account (FSA)

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Our dependent care FSA is administered through Benefit Resources, Inc. 

A dependent care flexible spending account is used to reimburse you for day care expenses for your qualified dependents.

FY20 Plan Year - July 1, 2019 - June 30, 2020

Maximum election - $5,000 per family

How the Dependent Care FSA Works

  •  Estimate what you think you will spend for dependent day care expenses for the upcoming plan year.
  • The annual amount you elect to set aside will be deducted from your paycheck on a pre-tax basis in 26 equal amounts (i.e. if you elect $1950 annually, $75 will be deducted from each of your 26 paychecks)
  • You can receive up to the amount contributed to your account at the time you file a claim. Claims submitted in excess of available account balances are carried forward and reimbursed when the account has a sufficient balance to reimburse the additional expense.
  • When you have a qualified expense, you complete a personalized claim form and submit it with your receipts to Benefit Resource, Inc (BRI).

 

Important things to remember about your dependent care FSA

  • The dependent care expenses must be incurred because you (and spouse if married) work or attend school on a full-time basis
  • Qualified dependents include children (ages 12 and under) or other dependents regardless of age who are incapable of self-care and whom you consider your dependent on your federal income taxes
  • Qualified day care providers are persons or organizations that provide day care for your dependent(s). Receipts for daycare services must accompany your claim and must include the provider’s taxpayer ID# or Social Security Number.

 

Dependent Care - Use it or Lose it Rule

 Under current law, the annual amount you set aside for eligible out-of-pocket medical and dependent care expenses must be used within the 12 month plan year (July 1 - June 30).  There is a 90-day grace period after the plan year ends to submit expenses that occurred during the plan year.

Any balance remaining after the 90-day grace period will be forfeited in its entirety.  Remaining funds will not roll-over to the next plan-year in your dependent care FSA.

 

Benefit Resource, Inc. Flexible Spending Account Brochure