Dependent Care FSA

[Horny4.65]

Does anybody have experience with Dependent Care FSA? Any input/benefits?

Dependent Care FSA - FSAFEDS

 

[Raz]

This is my first year using it. I max it out. This is different than the HSA because as you put money in you can get money back. I pay my own daycare and submit the receipts. They basically pay me my $192 the day after payday but it pre tax.

Also I think the max is $5,000 a year. It helps a little with my astronomical daycare costs.

 

[chaos]

I use it. It's pretty easy to navigate and submit receipts. Our daycare wipes it out after a few months worth of statements, but it was nice when they upped it last year (?) temporarily. It's essentially like getting 5000 of your pay tax free.

 

[chaos]

also... username checks out. Lots of kids I bet.

 

[Horny4.65]

I use it. It's pretty easy to navigate and submit receipts. Our daycare wipes it out after a few months worth of statements, but it was nice when they upped it last year (?) temporarily. It's essentially like getting 5000 of your pay tax free.

1. Does it roll over every year IF you were to have money left over?
2. How does the reimbursement part work?
3. Do you use the app?

 

[Horny4.65]

This is my first year using it. I max it out. This is different than the HSA because as you put money in you can get money back. I pay my own daycare and submit the receipts. They basically pay me my $192 the day after payday but it pre tax.

Also I think the max is $5,000 a year. It helps a little with my astronomical daycare costs.

1. I guess you put money up front then submit receipts to get reimbursed, do they then send you your back pay to your bank account?

 

[Raz]

1. I guess you put money up front then submit receipts to get reimbursed, do they then send you your back pay to your bank account?

I get my money back to my bank account the day or so after Tuesday payday as long as I have an active claim.

 

[chaos]

1. Does it roll over every year IF you were to have money left over?
2. How does the reimbursement part work?
3. Do you use the app?

1. You can only roll over a certain amount. I forget amount but I'm sure its easily found.
2.Unlike them Healthcare FSA you only get reimbursed once your money is deducted from your paycheck. You submit your receipt or whatever and then the money just shows up in your bank account. Our daycare is more than 192 a pay period so once I submit one or two months the $192 (?) a paycheck just goes in automatically.
3. I don't use app.

 

[TowerDonkey]

App is very easy to use. Takes only a minute or two to submit the claims. Keeps track of all your funds and receipts.