A Flexible Spending Account (FSA) saves you money by allowing you to set aside pre-tax dollars from your bi-weekly paycheck to help pay for eligible expenses.
Because you are eligible for the Piedmont HDHP with HSA, you will not be able to contribute to a Health Care Flexible Spending Account (FSA) due to IRS regulations; you can still contribute to a Dependent Care FSA administered by HealthEquity. Spend down your Health Care FSA balance by Dec. 31, 2022 to avoid forfeiting any remaining dollars.
A Dependent Day Care FSA is used to pay for qualified child, adult or disabled dependent day care services so you can work.
Complete and submit online or paper claims to receive reimbursement for eligible day care expenses.
You cannot use the HealthEquity Visa®Health Care Debit Card to pay for eligible dependent day care expenses.
Your Dependent Day Care FSA cannot be used to pay for dependent medical expenses.
Under IRS guidelines, you can only be reimbursed for the amount you already contributed to your account.
When filing your taxes, you may use the Dependent Day Care FSA, the federal tax credit or a combination of both. You may want to consult a tax advisor.
For 2023, the Dependent Day Care FSA minimum contribution is $100 and the maximum contribution is $5,000. Unused Dependent Day Care FSA funds do not roll over.
Please note: If you are a highly compensated (as defined in IRS guidance), your contributions may be further limited by the Plan’s annual nondiscrimination testing. If you make a Dependent Care FSA election that surpasses the IRS limit, you will be notified by the Benefits Department regarding any required adjustment.
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For 2023, any eligible dependent day care purchases you make between January 1, 2023, and December 31, 2023, are reimbursable.
At the end of each calendar year, there is a runout period from early in the year to March 1 to request FSA reimbursement for expenses incurred during the prior calendar year.
2022 Runout Period
You must spend down your Health Care FSA balance by Dec. 31, 2022 to avoid forfeiting any remaining dollars. If you participated in a Dependent Care FSA in 2022, the runout period to submit outstanding claims for expenses incurred in the 2022 plan year ends March 1, 2023.
During the Runout Period (Jan. 1 – March 1, 2023):
Submit outstanding dependent care claims you incurred in 2022 to HealthEquity.
Unused 2022 Dependent Day Care FSA dollars will be forfeited, in accordance with IRS rules.
After the Runout Period Ends (March 2 – Dec. 31, 2023)
Dependent Care FSA dollars you elected for 2023 can be used to pay for eligible expenses you incur throughout the 2023 plan year.
Unused 2022 Dependent Day Care FSA dollars will be forfeited, in accordance with IRS rules.
Legal / Disclaimer
This website is not inclusive of all situations and is provided for informational purposes only. It is not intended to be an official legal document. If there are conflicts between the website and IRS regulations, the member handbook, or the Summary Plan Description (SPD), IRS regulations, the member handbook, and the SPD will govern.
