If you have children, the cost of daycare can take a big chunk out of your paycheck. With this type of FSA, you can plan ahead to pay for your eligible dependent care costs.
What you need to know:
- Your dependent care is used for qualifying individuals (usually a tax dependent)
- Your claims will need to be sent online, faxed or mailed to HealthPartners
- HealthPartners will pay you from your FSA, if funds are available
- You are only paid for services that have already been provided
- You are only paid for dependent claims, if there is enough money in your FSA
Use your dependent care FSA to pay for things like:
- In-home child care
- Licensed daycare facilities
- Preschool
- Seasonal child care
- Before or after school programs
- Elder care
Dependent care costs for family members, who can be claimed as a dependent on your federal income tax return
- A child under age 13
- A spouse or dependent who can’t care for oneself
Key FSA details
- Know your maximum election — Your employer will set your FSA account limits. Check with your employer for details.
- Carefully estimate your FSA election — Think about how much you spend each year on dependent care. That is how much you will want to put into each FSA.
- Use it or lose it — You will lose any money left in your FSA at the end of the plan year. Usually, there is a "run-out" period at the end of the year that lets you catch up on any claims you missed. The length of the "runout" period is set by your employer. Check with your employer to find out more.
If you have questions call Member Services 952-883-7000 or 866-443-9352.