Consolidated Administrative Services – CAS
PLAN YEAR – June 1st through May 31st
ELIGIBILITY– You and your Spouse (if married) are working or in school, and:
- Your Dependent Children under age 13 attends day care, after-school care or summer day camp; or
- You provide care for a person of any age whom you claim as a dependent on your federal income tax return, and who is mentally or physically incapable of caring for himself or herself.
Flexible Spending Accounts (FSAs) allow you to have pre-tax money deducted from your paycheck to reimburse yourself for certain expenses. Since contributions are made through payroll deductions with pre-tax dollars, you decrease your taxable income and thereby increase your take-home pay.
A Dependent Care Assistance Plan (DCAP) is a tax-exempt benefit you can use to pay your out-of-pocket expenses for the custodial care of dependents claimed on your federal income tax return. Your account in the Plan is funded by tax-free dollars that you set aside from your paycheck in order to use as payment for eligible day care type services.
Funds are available to you as they are deducted from your paycheck and deposited to your account.
MAXIMUM ANNUAL CONTRIBUTIONS
The Maximum Annual Employee Contribution to the Dependent Care FSA account is $5,000 ($2,500 if married and filing separate returns)
USE-IT-OR-LOSE IT RULE RESUMES AFTER CARRYOVER PROVISION EXPIRES
Use-it-or-Lose-it Rule – Dependent Care FSA Accounts will forfeit any unused account balances at the end of the Plan Year.
CLAIMS DEADLINE:
You must submit claims for reimbursement within 60 days after the end of the Plan Year. (Dates of service must be within the Plan Year).
