Dependent Care Flexible Spending Account
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Elite Therapy Solutions offers Dependent Care flexible spending account (FSA) through Employee Benefits Corporation (EBC). The money that you put into an FSA is collected from your paycheck before taxes are withheld, which means you don’t pay taxes on those dollars.
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•Dependent Care FSA dollars allow you to pay for eligible dependent care expenses. This is primarily for childcare (daycare), but you can reference the IRS dependent care eligible expenses for a complete list of eligible expenses.
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•When you incur an eligible expense, you can submit your claims with receipts to EBC for reimbursement to receive your money back tax-free, or you can use your FSA debit card at the point of purchase.
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•The dependent care FSA annual maximum contribution is $2,500 for those that are married and filing separately and $5,000 for those that are single or married and filing jointly. The maximum annual contribution amount refers to the maximum amount of FSA dollars that you can contribute to your FSA.
