How does the dependent care FSA work?

You select the amount that you would like to put into your dependent care FSA account based on your needs for the coming plan year. Chard Snyder and your employer will let you know the maximum amount allowed. You will contribute to your account through payroll deductions. The amount depends on how much you have elected to put into the account and the number of paychecks you receive in a year. Remember, you are saving 25-40% right away because the money comes from your paycheck before taxes are taken out.

You may use your Chard Snyder benefit card if your plan allows or pay for eligible dependent care expenses and then submit a claim for reimbursement. Save all of your receipts with your tax records in case we need to verify that the expense is eligible, or you are audited by the IRS. 

Funds will become available for use as they are contributed each pay period. You may only be reimbursed up to the amount that you have contributed. If you submit a claim for an amount that is more than what you have contributed, we will pay you the amount available in your account at that time, then continue to pay you as additional amounts are contributed.

Make sure to review the details of your specific plan so you know your spending and claim filing deadlines.