Unified Fire Authority
Dependent Care FSA
Contribution Limits & IRS Regulations
The IRS sets the maximum dollar amount you can elect and contribute to a dependent care eligible spending account ( dependent care FSA ). The annual contribution limit for is :
• Per household : $ 5,000
• Per person ( if married and filing separately ): $ 2,500
Although most people incur more than the limit per year , we recommend reviewing how much you spend on eligible dependent care expenses every year to determine your election .
Funds available as you contribute
Funds will be available to you as they ’ re deducted from your paycheck and contributed to the plan . This means when payroll is processed and your paycheck is available to you , your dependent care FSA contributions will be applied to your account and available for reimbursement .
Use-or-lose
Don ’ t forget to spend your FSA dollars . If you have not used all of your FSA dollars before the end of the plan year , you will forfeit any money left in your account . ( Check with your employer to confirm how many days you have to submit claims for reimbursement after the plan year ends .)
Fast Fact
A great way to set it and forget it is to use our Recurring Dependent Care Form that allows you to submit one claim for the entire year and you will be reimbursed after each payroll .
Changing your dependent care FSA election
In order to make changes to your election after open enrollment , you need to experience a qualifying life event . ( If you experience a qualifying life event , contact your employer to make changes to your election .) These events include :
• Change in marital status
• Change in the number of dependents
• Increase due to birth , adoption or marriage
• Decrease due to death , divorce or loss of eligibility
https :// apabenefits . lh1ondemand . com
• Gain or loss of eligibility due to a change in participant , spouse or dependent employment status
• Change in daycare providers
• Child turning age 13
• Increase or decrease in the cost of qualifying daycare expenses
• Judgement , decree or order requiring a change in coverage
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