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Dependent Care FSA Flexible Spending Account
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© 2014-2016 WageWorks, Inc. All rights reserved. This document contains proprietary and/or confidential work product that belongs to WageWorks, Inc. and may not be used, reproduced, modified, displayed or distributed without the prior written consent of WageWorks, Inc.
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What is a Dependent Care FSA? • Pre-tax account that pays for eligible dependent care expenses while you work: § § §
Preschool or before/after school programs Summer day camp Elder day care
• Smart, simple way to save money while taking care of loved ones so you can work
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© 2014-2016 WageWorks, Inc. All rights reserved. This document contains proprietary and/or confidential work product that belongs to WageWorks, Inc. and may not be used, reproduced, modified, displayed or distributed without the prior written consent of WageWorks, Inc.
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Why You Need It • Save an average of 30% on the dependent care you need • Reduce your overall tax burden since funds are withdrawn from your paycheck before taxes are deducted • Take advantage of several convenient, no-hassle payment and reimbursement options ®
© 2014-2016 WageWorks, Inc. All rights reserved. This document contains proprietary and/or confidential work product that belongs to WageWorks, Inc. and may not be used, reproduced, modified, displayed or distributed without the prior written consent of WageWorks, Inc.
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How It Works ①
Determine how much to contribute § §
Estimate how much you’ll need Elect how much to contribute
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Funds are taken from your paycheck before taxes
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Start saving up to hundreds of dollars in one year §
Savings result from lower overall taxes
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© 2014-2016 WageWorks, Inc. All rights reserved. This document contains proprietary and/or confidential work product that belongs to WageWorks, Inc. and may not be used, reproduced, modified, displayed or distributed without the prior written consent of WageWorks, Inc.
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How You Use It • Pay My Provider §
Directly pay your provider instantly, directly, and online
• Pay Me Back §
Get reimbursed quickly for payments you make
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© 2014-2016 WageWorks, Inc. All rights reserved. This document contains proprietary and/or confidential work product that belongs to WageWorks, Inc. and may not be used, reproduced, modified, displayed or distributed without the prior written consent of WageWorks, Inc.
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Who Qualifies? Qualifying dependents include: • Dependent child* under the age of 13 who lives with you for more than half of the year; or • A spouse or other tax dependent who resides in the house a minimum of eight hours a day and requires assistance with day-to-day living. *In the case of divorce, IRS guidelines state that a child is a qualified dependent of the "custodial parent."
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© 2014-2016 WageWorks, Inc. All rights reserved. This document contains proprietary and/or confidential work product that belongs to WageWorks, Inc. and may not be used, reproduced, modified, displayed or distributed without the prior written consent of WageWorks, Inc.
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How You Manage It Use WageWorks EZ Receipts® •
File a claim and get reimbursed quickly
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View transactions and benefit account balances using a single login
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Skip the receipt and have your provider sign receipts using your mobile device
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Receive confirmation emails when claims are received, processed, or paid
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Receive text messages when card verification is required, a transaction is denied, or a claim has been processed
Or online at WageWorks.com ®
© 2014-2016 WageWorks, Inc. All rights reserved. This document contains proprietary and/or confidential work product that belongs to WageWorks, Inc. and may not be used, reproduced, modified, displayed or distributed without the prior written consent of WageWorks, Inc.
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How Much You Can Contribute • Maximum of $5,000 §
IRS sets the contributions guidelines
• Changes to your election amount can be made only if there is a: § §
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Change in legal marital status Change in number of dependents due to birth, adoption, or death Change in employment status Change in cost or coverage charges
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© 2014-2016 WageWorks, Inc. All rights reserved. This document contains proprietary and/or confidential work product that belongs to WageWorks, Inc. and may not be used, reproduced, modified, displayed or distributed without the prior written consent of WageWorks, Inc.
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Eligible Expenses Use your Dependent Care FSA to pay for:
Ineligible expenses include:
• Before/after school care • Au pair services
• Overnight camps • Kindergarten or higher-grade tuition
• Extended day programs • Preschool/nursery school • Summer day camp • Elder day care
• Non-work-related day care • Long-term elder care services
See www.wageworks.com/mydcfsa for more information on eligible expenses
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© 2014-2016 WageWorks, Inc. All rights reserved. This document contains proprietary and/or confidential work product that belongs to WageWorks, Inc. and may not be used, reproduced, modified, displayed or distributed without the prior written consent of WageWorks, Inc.
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Why Enroll? • Tax savings • Wide range of covered expenses • Easy access • Flexible options
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© 2014-2016 WageWorks, Inc. All rights reserved. This document contains proprietary and/or confidential work product that belongs to WageWorks, Inc. and may not be used, reproduced, modified, displayed or distributed without the prior written consent of WageWorks, Inc.
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How You Get It Enroll online or by phone: • Follow [Employer Name’s] instructions • Visit [Insert employer’s benefits url] • Or call [Insert employer enrollment phone #]
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© 2014-2016 WageWorks, Inc. All rights reserved. This document contains proprietary and/or confidential work product that belongs to WageWorks, Inc. and may not be used, reproduced, modified, displayed or distributed without the prior written consent of WageWorks, Inc.
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© 2014-2016 WageWorks, Inc. All rights reserved. © 2014 WageWorks, Inc. All rights reserved. © 2014-2016 WageWorks, Inc. All rights reserved. This document contains proprietary and/or confidential work product that belongs to WageWorks, Inc. and may This document contains proprietary and/or confidential work product that belongs to WageWorks, Inc. and may This document contains proprietary and/or confidential work product that belongs to WageWorks, Inc. not be used, reproduced, modified, displayed or distributed without the prior written consent of WageWorks, Inc. not be used, reproduced, modified, displayed or distributed without the prior written consent of WageWorks, Inc. and may not be used, reproduced, modified, displayed or distributed without the prior written consent of WageWorks, Inc. ®
