The dependent care Flexible Spending Account (FSA) provides the option to tax-shelter the amount you pay for dependent (day care) expenses if these amounts are paid to permit the employee (and spouse) to be employed. This option may be taken instead of the tax credit on your individual federal tax return. You may elect to have up to $5,000 credited to this account. Unlike the health care account, your dependent care account will be funded as you contribute to it and you will receive reimbursement for actual expenses. Like the Healthcare Flexible Spending Account, any balance in your account after March 30 must be forfeited.
A Qualifying Event is any of the following:
- Birth or adoption of a child
- Divorce, Legal Separation, or annulment
- Death of spouse and/or dependent
- Termination of employment by employee
- Unpaid leave of absence
- Switching from part-time to full-time (or vice versa) employment
- Significant change in family’s health coverage attributable to spouse’s employment
- Dependent ceases to satisfy requirements for unmarried dependents due to attainment of age, student status or any similar circumstances as provided under the accident or health plan under which the employee receives coverage
Changes must be made within 30 days of a change in status. Please contact Human Resources for a plan document or change form.
Current enrollees in the Flexible Benefit Plan may visit UMR to view current contributions and claims. This is a very useful site that gives a total picture of an employee’s Health Care Reimbursement Plan and/or Dependent/Child Care Reimbursement Plan. The site includes information of what are and are not allowable expenses. Claim forms may also be printed from this site.