Dependent Care Spending Account
A Dependent Care Flexible Spending Account (FSA) is a pre-tax benefit account that allows employees to set aside a portion of their salary to cover eligible dependent care expenses.
How a Dependent Care FSA Saves You Money
Dependent Care Spending Account contributions are deducted directly from your pay before federal, state, and city income taxes, as well as social security taxes. This tax-saving benefit can significantly reduce your eligible expenses.
You can benefit from a Dependent Care Flexible Spending Account if you:
- Have dependent child(ren) aged 12 or under. Dependent eligibility ends the day your child turns 13.
- Care for a disabled spouse or other disabled tax-qualified dependent who spends at least eight hours a day in your home.
- Require before and after school care.
- Incur expenses for babysitting, nanny services, daycare, nursery school, preschool, or summer day camp.
Annual Limits
Your election for the Dependent Care Spending Account remains effective for one year. The maximum contribution for the plan year is $5,000, with a minimum of $200 to cover eligible dependent care expenses.
Enrollment Process
Each year you are required to make a new election for the following year. Year-end unused contributions will not roll over to the new plan year:
- Annual Enrollment: You must re-enroll each year for the current plan year by completing online enrollment. You decide how much of your salary to set aside on a pre-tax basis for eligible expenses.
If you use the Dependent Care Spending Account, the IRS requires that you provide the name, address and Social Security or other tax identification number of your care provider. Non-discrimination testing of this plan may require certain employees who enroll to be reimbursed any pre-tax dollars elected for the calendar year and to stop participation.
Accessing Your OPTUM Account
Visit Optum Financial to register your account. For help with your online OPTUM account or to request new/additional cards, call 888.339.3685 any time.
Additional Resources
Nothing in this summary of benefits may be construed as a contract with any employee, which can occur only by a specific written agreement between Adelphi University and the employee. The University reserves the right to change, modify or eliminate any benefit in this summary at any time, with or without notice, according to the terms of the applicable Collective Bargaining Agreement.
Each year, Annual Enrollment is provided in November during which time employees may elect to change plans with the change being effective on the subsequent January 1.
Benefit Specialists
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Contact
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Levermore Hall 203H
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Contact
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516.877.4970
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Levermore Hall 203A