Flexible Spending Accounts: Dependent Care Spending Accounts
Dependent Care Spending Accounts are accounts where you can set aside money PRE-TAX to help pay daycare expenses for children under age 13 or for eldercare. This page provides a lot of information so you can understand exactly how this type of account works.
Step 1: Determine how much you need to set aside for the coming year by calculating your annual day care expenses. The minimum annual amount is $260 and the household maximum is $5,000.
Step 2: Complete the enrollment form and submit it to Employee Health & Benefits prior to the deadline.
Step 3: You will see your first biweekly contribution withheld (pre-tax) from your first paycheck in January. That same contribution amount will be withheld from all 26 paychecks of the calendar year. These funds (minus the $1.85 administration fee) will be deposited into your account waiting for you to request a withdrawal for reimbursement for eligible expenses.
Step 4: Request for reimbursement from your account by completing the Reimbursement Request Form found on our Forms page and submit it to HR Support and Consulting. You will then receive your reimbursement check in your home mail. You also have an option to submit just one Reimbursement Form for the entire year to establish automatic reimbursements every 2 weeks.
Annual Enrollment for the 2014 plan year will held from November 12th through November 26th. *Note: This annual enrollment period if for the FSA plan only. The open
enrollment for health, dental and vision insurance plans is typically held in
May & June for a July 1st effective date.
Child and Dependent Care Expenses - IRS Publication 503