1
Dependent Care FSA
Flexible Spending Account
Presenter Name
Date
© 2014 WageWorks, Inc. All rights reserved.
This document contains proprietary and/or confidential work product that belongs to WageWorks, Inc.
and may not be used, reproduced, modified, displayed or distributed without the prior written consent of WageWorks, Inc.
2
What is a Dependent Care FSA?
• Pre-tax account that pays for eligible
dependent care expenses while you work:



Preschool or before/after school programs
Summer day camp
Elder day care
• Smart, simple way to save money while
taking care of loved ones so you can work
© 2014 WageWorks, Inc. All rights reserved.
This document contains proprietary and/or confidential work product that belongs to WageWorks, Inc.
and may not be used, reproduced, modified, displayed or distributed without the prior written consent of WageWorks, Inc.
3
Why You Need It
• Save an average of 30% on the
dependent care you need
• Reduce your overall tax burden
since funds are withdrawn from
your paycheck before taxes are
deducted
• Take advantage of several
convenient, no-hassle payment
and reimbursement options
© 2014 WageWorks, Inc. All rights reserved.
This document contains proprietary and/or confidential work product that belongs to WageWorks, Inc.
and may not be used, reproduced, modified, displayed or distributed without the prior written consent of WageWorks, Inc.
4
How It Works
①
Determine how much to contribute


Estimate how much you’ll need
Elect how much to contribute
②
Funds are taken from your paycheck before taxes
③
Start saving up to hundreds of dollars in one year

Savings result from lower overall taxes
© 2014 WageWorks, Inc. All rights reserved.
This document contains proprietary and/or confidential work product that belongs to WageWorks, Inc.
and may not be used, reproduced, modified, displayed or distributed without the prior written consent of WageWorks, Inc.
5
How You Use It
• Pay My Provider

Directly pay your
provider instantly,
directly, and online
• Pay Me Back

Get reimbursed quickly
for payments you make
© 2014 WageWorks, Inc. All rights reserved.
This document contains proprietary and/or confidential work product that belongs to WageWorks, Inc.
and may not be used, reproduced, modified, displayed or distributed without the prior written consent of WageWorks, Inc.
6
Who Qualifies?
Qualifying dependents
include:
• Dependent child* under the age of
13 who lives with you for more than
half of the year; or
• A spouse or other tax dependent
who resides in the house a
minimum of eight hours a day
and requires assistance with
day-to-day living.
*In the case of divorce, IRS guidelines state that a child is a qualified dependent of the "custodial parent."
© 2014 WageWorks, Inc. All rights reserved.
This document contains proprietary and/or confidential work product that belongs to WageWorks, Inc.
and may not be used, reproduced, modified, displayed or distributed without the prior written consent of WageWorks, Inc.
7
How You Manage It
Use WageWorks EZ Receipts
• File a claim and get reimbursed quickly
• View transactions and benefit account
balances using a single login
• Skip the receipt and have your provider
sign receipts using your mobile device
• Receive confirmation emails when claims
are received, processed, or paid
• Receive text messages when card
verification is required, a transaction is
denied, or a claim has been processed
Or online at WageWorks.com
© 2014 WageWorks, Inc. All rights reserved.
This document contains proprietary and/or confidential work product that belongs to WageWorks, Inc.
and may not be used, reproduced, modified, displayed or distributed without the prior written consent of WageWorks, Inc.
8
How Much You Can Contribute
• Maximum of $5,000 for 2014


IRS sets the contributions guidelines
Limit may change for 2015
• Changes to your election amount
can be made only if there is a:




Change in legal marital status
Change in number of dependents due to
birth, adoption, or death
Change in employment status
Change in cost or coverage charges
© 2014 WageWorks, Inc. All rights reserved.
This document contains proprietary and/or confidential work product that belongs to WageWorks, Inc.
and may not be used, reproduced, modified, displayed or distributed without the prior written consent of WageWorks, Inc.
9
Eligible Expenses
Use your Dependent
Care FSA to pay for:
Ineligible expenses
include:
•
•
•
•
• Overnight camps
• Kindergarten or
higher-grade tuition
• Non-work-related
day care
• Long-term elder care
services
Before/after school care
Au pair services
Extended day programs
Preschool/nursery
school
• Summer day camp
• Elder day care
See www.wageworks.com/mydcfsa for more information on eligible expenses
© 2014 WageWorks, Inc. All rights reserved.
This document contains proprietary and/or confidential work product that belongs to WageWorks, Inc.
and may not be used, reproduced, modified, displayed or distributed without the prior written consent of WageWorks, Inc.
10
Why Enroll?
• Tax savings
• Wide range of
covered expenses
• Easy access
• Flexible options
© 2014 WageWorks, Inc. All rights reserved.
This document contains proprietary and/or confidential work product that belongs to WageWorks, Inc.
and may not be used, reproduced, modified, displayed or distributed without the prior written consent of WageWorks, Inc.
11
How You Get It
Enroll online or by phone:
• Follow [Employer Name’s] instructions
• Visit [Insert employer’s benefits url]
• Or call [Insert employer enrollment phone #]
© 2014 WageWorks, Inc. All rights reserved.
This document contains proprietary and/or confidential work product that belongs to WageWorks, Inc.
and may not be used, reproduced, modified, displayed or distributed without the prior written consent of WageWorks, Inc.
12
© 2014 WageWorks, Inc. All rights reserved.
© 2014 WageWorks, Inc. All rights reserved.
This document contains proprietary and/or confidential
This
work
document
productcontains
that belongs
proprietary
to WageWorks,
and/or confidential
Inc.
work product that belongs to WageWorks, Inc.
and may not be used, reproduced, modified, displayedand
or distributed
may not be without
used, reproduced,
the prior written
modified,
consent
displayed
of WageWorks,
or distributed
Inc. without the prior written consent of WageWorks, Inc.