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.