20 Careful Planning Required You should plan your FSA contributions carefully. Here’s why: • Use it or lose it. IRS rules require that any money left in a Dependent Care FSA at the end of the plan year must be forfeited. • Money set aside for health care expenses cannot be used to reimburse dependent daycare expenses and vice-versa. • Any health care or dependent care expenses that are paid from FSAs cannot be claimed as a deduction or credit when filing your income tax return. • You cannot stop or change contributions during the year unless you have qualified status change. • Once you terminate employment, only expenses incurred before you terminated are eligible for reimbursement for your FSA, unless you elect to continue your Health Care FSA through COBRA. • You will be reimbursed for dependent care expenses only up to the amount of your dependent care spending balance and only after the care has been provided. HealthEquity is the FSA Plan Administrator If you enroll in Flexible Spending Accounts (FSAs), it’s easy to manage your FSAs through HealthEquity, the plan administrator. Access the HealthEquity website to review your account, including current balance, status of any claims, and other helpful information including a list of eligible health care and dependent care expenses. Tax Savings! The Flexible Spending Accounts (FSAs) let you pay for eligible health care and/or dependent day care expenses and reduce your taxes at the same time. Dependent Care FSA Rules • F or expenses to be eligible, they must be incurred because you and your spouse or domestic partner are working • C hildren must be under age 13 • C are providers can be anyone except your spouse, a dependent claimed on your tax return, or child under age 19 • D isabled dependents (a child, spouse, or parent) also qualify for reimbursement if they spend at least 8 hours a day in your home • E ligible dependent care expenses include nursery schools, day camps, licensed day care centers and day care in your home (except if the provider is the child’s parent or your child under age 19) HealthEquity Online: www.healthequity.com Phone: 866-346-5800
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