Welcome to the Dependent (Day Care) Flexible Spending Account (FSA) section of My Life at Children’s. Here you will find all the information you need about your Dependent (Day Care) FSA. Select an option from the menu at the left for more details.

Dependent (Day Care) Flexible Spending Account (FSA)

The Dependent (Day Care) FSA lets you set aside money from your paycheck — before taxes — to reimburse yourself for eligible dependent (day care) FSA expenses so that you (and your spouse, if married) can work, look for work or attend school on a full-time basis.

Children’s Helps You Pay for Your Day Care Expenses

In addition to your regular pay, Children’s will pay you 25 cents for every dollar you contribute to your Dependent (Day Care) FSA, up to $1,000 per year. You will receive this additional pay as earnings on your paycheck, not as a contribution to your Dependent (Day Care) FSA. This reimbursement is considered taxable income.

How the Account Works

• Children under age 13 who qualify as dependents on your federal tax return.
• A spouse or an unmarried child of any age who is physically or mentally incapable of taking care of himself or herself.
• Other family members who are physically or mentally incapable of self-support, who reside with you at least eight hours a day and who qualify as dependents on your federal tax return.

Decide how much to contribute. You may contribute up to $5,000 each calendar year per household. Budget carefully: If you do not spend all of the money in your account during the year, any remaining balance will be forfeited. Contributions made by your spouse or to another employer in the same calendar year are included in the $5,000 maximum.

The best way to ensure that you use up your Dependent (Day Care) FSA dollars is to ask your provider for an estimate of how much day care will cost for your child(ren) for the year, and use that estimate to determine your yearly contribution.

Know how to get reimbursed. You can be reimbursed in two ways. Either way, the money will be deducted from the available balance in your FSA. With the Dependent (Day Care) FSA, you may only be reimbursed for the amount you have contributed.

• FSA debit card. When you enroll, you will receive an FSA debit card from Flexible Corporate Plans, our FSA administrator (see ID Cards at the left). You can use your FSA debit card to pay for care directly at the day care provider. But make sure you keep your receipts in case you need to verify your eligible expenses.
  • If you use all of your FSA dollars before the end of the year, do not throw away your FSA debit card; it will be loaded with your new FSA election at the beginning of next year.
  • If you need an additional FSA debit card for a dependent, visit the Flexible Corporate Plans Web site (see Contacts at the left), click “Download Forms” and select “Request FlexCard for Dependent.”

• Claim form. You can also fax an itemized receipt with a claim form for reimbursement. See Resources at the left to download a form. Claims are processed every Tuesday. All claims received by 2 p.m. CST on Monday will be processed that week.
  • Reimbursement checks are mailed out on Thursdays.
  • If you elect the Direct Deposit option, your reimbursement will be deposited into your account on a Friday. To sign up for Direct Deposit, complete the FSA Direct Deposit Enrollment Form. See Resources at the left to download a form.

See how much you can save on taxes. You can save from 15%–30% on taxes, depending on your income bracket. Read on for an example.

We will assume that Carlos contributes $5,000 to the Dependent (Day Care) FSA. Here is how much he saves: