Here’s a quick look at the Dependent Care FSA. For details, review the PayFlex website for eligible expenses and frequently asked questions.
|Eligibility||Regular, full-time employees are eligible to contribute to a Dependent Care FSA.|
|Enrollment||You can enroll during Open Enrollment. You must re-enroll each year to continue participation. New Hires can enroll during the initial enrollment period.|
|Contributions to Your Account||The maximum pre-tax contribution is $5,000 per year. Your contribution will be taken from your paycheck in equal amounts throughout the plan year (over 24 pay periods starting January 10).
In general, you cannot change your election during the plan year unless you have a qualifying life event.
|Eligible Expenses||Use your Dependent Care FSA to pay for out-of-pocket day care expenses for a dependent child under age 13 or other dependent (such as an elderly parent) who is physically or mentally incapable of self-support.
IRS Publication 503 has a complete list of eligible dependent care expenses.
|Using Your Dependent Care FSA||There are several ways to get reimbursed from your Dependent Care FSA:
PayFlex Card. Swipe your card and select debit or credit to pay for eligible dependent care expenses.
Submit a Claim. Pay for eligible expenses with cash, check or personal credit card and then submit a claim online or through the PayFlex Mobile™ app. Or, fill out a Flexible Spending Account Claim Form and fax or mail it to PayFlex with supporting documentation. You’ll be reimbursed up to the amount in your account.
Request Direct Deposit: To get your reimbursement deposited directly to your bank account, complete the Direct Deposit/EFT Authorization Form.
You have until March 31 to submit claims for expenses incurred during the previous plan year.
|Forfeit of Funds||You forfeit any unused balance in your account after eligible expenses have been reimbursed.|
Qualifying Life Event
A qualifying life event includes marriage or divorce, addition or loss of a dependent, loss or gain of coverage under another qualified benefit pan, death of a dependent.