Page 12 - 2019 Hess Benefits Decision Guide

Dependent Care FSA Your Dependent Care Can Be Tax Free
With the Dependent Care Flexible Spending Account (DCFSA), you don’t have to pay taxes on the money you use to pay for eligible expenses, such as dependent day care and elder care programs.
How The DCFSA Works
WHO CAN PARTICIPATE?
HOW MUCH CAN I CONTRIBUTE?
You are eligible to open a DCFSA if you have eligible dependents—even if you do not enroll in the Hess Medical Plan.
You only.
You can contribute a minimum of $500 to a maximum of $5,000 a year.
If you are married and file separate tax returns, the most you can contribute is $2,500. The IRS maximum contribution may be no more than the maximum earnings of the spouse who earns the least.
WHO CAN CONTRIBUTE?
CAN I CHANGE MY CONTRIBUTIONS?
You can change your contributions only if you experience an applicable qualified life event.
DO I NEED TO OPEN AN ACCOUNT?
Not exactly. You will need to enroll and elect an annual contribution amount in order to participate in the DCFSA.
WHAT CAN I USE THE MONEY FOR?
Eligible expenses, including licensed day care, after-school care programs, summer day camp for dependents under age 13, or care provided for disabled or elderly dependents or your disabled spouse.
HOW DO I USE THE MONEY?
You can make payments directly to providers or get reimbursed from your account.
WHEN CAN I USE THE MONEY?
You can use funds that are currently in your account. You can be reimbursed for expenses you incur between January 1–December 31, 2019. You can submit claims for reimbursement of 2019 expenses through March 31, 2020.
CAN I LOSE THE MONEY?
Yes. The money in your Dependent Care FSA will not roll over from year to year. This is the “use-it-or-lose-it” rule.
CAN I TAKE MY MONEY WITH ME IF I LEAVE HESS?
No. However, you can still use any unused amounts in your DCFSA to pay for claims incurred before you leave Hess. Any unused amount will be forfeited at the end of the calendar year.
{tip} REMEMBER
You must enroll in order to make DCFSA contributions in 2019. Your current election won’t roll over to next year.
10 DEPENDENT CARE