Random: FSAs for child care

I've never had one of these before and I'm thinking of signing up in the new year for pre-care and camp.

Are all places required to accept this as a form of payment though? Obviously I can call during the week to inquire, but I've looked at some camp forms and in the "payment" area it says cash or check.

Isn't a FSA like a debit or credit card?

Also, as an aside, can you use this towards the after school programs through the school district?

TIA!

Random: FSAs for child care

For my FSA, I pay OOP initially, and then I send in my receipt and get reimbursed for the expense from the money in my FSA account.

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I have to pay and then I put in for reimbursement. It can only go up to 5000 for the year. So it wouldn't really work the way you described, for me at least, because day care costs much more..

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Posted by sfp0701

I have to pay and then I put in for reimbursement. It can only go up to 5000 for the year. So it wouldn't really work the way you described, for me at least, because day care costs much more..

Random: FSAs for child care

Some companies offer debit cards as well which is what we do.
Depending on the transaction, amount and location, I don't need any supporting documents. If something odd comes up, I scan in transaction/services and upload it online. I can see a running total of all the transactions which helps judge how much i need to spend or have left.

Random: FSAs for child care

I pay out of pocket then submit. Each place must provide a receipt with their FEIN number on it. I submit the bill and the money is direct deposited into my account within 3-5 business days.

Re: Random: FSAs for child care

The debit card is for medical copays and supplies. Childcare you pay upfront and submit the receipt and get reimbursed.

Random: FSAs for child care

The dependent care doesn't work like medical FSAs.

You pay and submit a receipt for reimbursement. And, you usually have to have the money in your account already when you submit, unlike medical FSAs where you can spend before you contribute.

Random: FSAs for child care

I don't have one, but my company offers it and I believe you can send I. Your receipts and they reimburse you...

Random: FSAs for child care

keep in mind, you just doing this on the front end. You can turn around at tax time and do what your doing now. Its all relative (if you claim it that is)

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Ours was a reimbursement. We paid for camp, submitted the receipts & then got a check.

Re: Random: FSAs for child care

Posted by MorningCuppaCoffee

Posted by LL514

Posted by BabyBoy

keep in mind, you just doing this on the front end. You can turn around at tax time and do what your doing now. Its all relative (if you claim it that is)

i don't think this is really the same thing. I save way more money doing flex spending than if i were to claim dependent care at tax time.

I agree. My SIL is my accountant and she suggested signing up.

Random: FSAs for child care

The money can be used for daycare, summer camp and after and before school care as long as both parents are working.

Re: Random: FSAs for child care

Medical FSA & child care FSA work differently. You cannot get reimbursed for child care expenses until after they have accrued. So, if you put the max $5k in child care FSA and camp costs the $5k and the dates of camp are June 30- August 22, you are not eligible for reimbursement until August 23. You must pay out of pocket and then get reimbursed.

Medical is available on January 1. If your employer uses a debit card system, you just use that to pay for your co-pays etc. If not, you pay out of pocket and submit receipts for reimbursement.