Administered by ASI Flex, a Dependent Care Flexible Spending Account (DCFSA) allows you to save between 25 to 40 percent on the cost of childcare or daycare for children 13 and under, and for homecare for an older or incapable dependent while you are at work or school.
IRS contribution limit: $5,000 per household for the 2018-2019 and 2019-2020 plan years (July 1- June 30).
- Plan year 2018-2019: You must incur the qualifying expense between July 1, 2018 and Sept. 15, 2019. Claims for reimbursement must be submitted by Nov. 15, 2019.
- Plan year 2019-2020: You must incur the qualifying expense between July 2, 2019 and Sept. 15, 2020. Claims for reimbursement must be submitted by Nov. 15, 2020.
- If you do not use all of your funds within the FSA by the above deadlines, the remaining amount will be forfeited.
What is a Cafeteria Plan?
A cafeteria plan is a tax-savings benefits program designed to take advantage of Section 125 of the Internal Revenue Code. It allows you to pay certain qualified expenses on a pre-tax basis, reducing your taxable income. This includes CU's Premium-Only Plan and two Flexible Spending Accounts.