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Random: FSAs for child care

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MorningCuppaCoffee
Tired!

Member since 12/07

16353 total posts

Name:
Allison

Random: FSAs for child care

I've never had one of these before and I'm thinking of signing up in the new year for pre-care and camp.

Are all places required to accept this as a form of payment though? Obviously I can call during the week to inquire, but I've looked at some camp forms and in the "payment" area it says cash or check.

Isn't a FSA like a debit or credit card?

Also, as an aside, can you use this towards the after school programs through the school district?

TIA!

Posted 8/23/14 7:22 AM
 
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Katareen
5,000 Posts!

Member since 4/10

7179 total posts

Name:
Katherine

Random: FSAs for child care

For my FSA, I pay OOP initially, and then I send in my receipt and get reimbursed for the expense from the money in my FSA account.

Posted 8/23/14 8:11 AM
 

RubyWoo
Complete.

Member since 1/11

1357 total posts

Name:

Re: Random: FSAs for child care

Posted by Katareen

For my FSA, I pay OOP initially, and then I send in my receipt and get reimbursed for the expense from the money in my FSA account.



That's exactly how the one offered through my company works.

Posted 8/23/14 8:12 AM
 

sfp0701
Liam's Mommy!

Member since 1/07

9764 total posts

Name:
Tricia

Re: Random: FSAs for child care

I have to pay and then I put in for reimbursement. It can only go up to 5000 for the year. So it wouldn't really work the way you described, for me at least, because day care costs much more.. Chat Icon

Posted 8/23/14 8:26 AM
 

MorningCuppaCoffee
Tired!

Member since 12/07

16353 total posts

Name:
Allison

Re: Random: FSAs for child care

Posted by sfp0701

I have to pay and then I put in for reimbursement. It can only go up to 5000 for the year. So it wouldn't really work the way you described, for me at least, because day care costs much more.. Chat Icon



This is the max for me too.

But with pre care, after care if I do it next fall, and camp, that's easily that amount.

Posted 8/23/14 8:35 AM
 

BabyBoy
is Skylar Elizabeth

Member since 5/05

4189 total posts

Name:
Tom

Random: FSAs for child care

Some companies offer debit cards as well which is what we do.
Depending on the transaction, amount and location, I don't need any supporting documents. If something odd comes up, I scan in transaction/services and upload it online. I can see a running total of all the transactions which helps judge how much i need to spend or have left.

Posted 8/23/14 8:47 AM
 

WannaBeAMom11
LIF Adult

Member since 1/11

7391 total posts

Name:
Name

Random: FSAs for child care

I pay out of pocket then submit. Each place must provide a receipt with their FEIN number on it. I submit the bill and the money is direct deposited into my account within 3-5 business days.

Posted 8/23/14 9:42 AM
 

stinger
LIF Adult

Member since 11/11

4971 total posts

Name:

Re: Random: FSAs for child care

The debit card is for medical copays and supplies. Childcare you pay upfront and submit the receipt and get reimbursed.

Posted 8/23/14 9:53 AM
 

tara73
carseat nerd

Member since 11/09

3669 total posts

Name:
Buttercup

Random: FSAs for child care

The dependent care doesn't work like medical FSAs.

You pay and submit a receipt for reimbursement. And, you usually have to have the money in your account already when you submit, unlike medical FSAs where you can spend before you contribute.

Posted 8/23/14 10:12 AM
 

Mrs213
????????

Member since 2/09

18986 total posts

Name:

Random: FSAs for child care

I don't have one, but my company offers it and I believe you can send I. Your receipts and they reimburse you...

Posted 8/23/14 10:41 AM
 

BabyBoy
is Skylar Elizabeth

Member since 5/05

4189 total posts

Name:
Tom

Random: FSAs for child care

keep in mind, you just doing this on the front end. You can turn around at tax time and do what your doing now. Its all relative (if you claim it that is)

Posted 8/23/14 11:09 AM
 

LL514
LIF Adult

Member since 4/10

1901 total posts

Name:

Re: Random: FSAs for child care

Posted by BabyBoy

keep in mind, you just doing this on the front end. You can turn around at tax time and do what your doing now. Its all relative (if you claim it that is)



i don't think this is really the same thing. I save way more money doing flex spending than if i were to claim dependent care at tax time.

Posted 8/23/14 12:12 PM
 

MorningCuppaCoffee
Tired!

Member since 12/07

16353 total posts

Name:
Allison

Re: Random: FSAs for child care

Posted by LL514

Posted by BabyBoy

keep in mind, you just doing this on the front end. You can turn around at tax time and do what your doing now. Its all relative (if you claim it that is)



i don't think this is really the same thing. I save way more money doing flex spending than if i were to claim dependent care at tax time.



I agree. My SIL is my accountant and she suggested signing up.

Chat Icon

Posted 8/23/14 12:34 PM
 

nrthshgrl
It goes fast. Pay attention.

Member since 7/05

57538 total posts

Name:

Re: Random: FSAs for child care

Ours was a reimbursement. We paid for camp, submitted the receipts & then got a check.

Posted 8/23/14 1:11 PM
 

WannaBeAMom11
LIF Adult

Member since 1/11

7391 total posts

Name:
Name

Re: Random: FSAs for child care

Posted by MorningCuppaCoffee

Posted by LL514

Posted by BabyBoy

keep in mind, you just doing this on the front end. You can turn around at tax time and do what your doing now. Its all relative (if you claim it that is)



i don't think this is really the same thing. I save way more money doing flex spending than if i were to claim dependent care at tax time.



I agree. My SIL is my accountant and she suggested signing up.

Chat Icon



It you make less than $45k you save more money doing it at taxes. Over $45 the dependent care saves you more money.

Posted 8/23/14 4:18 PM
 

WannaBeAMom11
LIF Adult

Member since 1/11

7391 total posts

Name:
Name

Random: FSAs for child care

The money can be used for daycare, summer camp and after and before school care as long as both parents are working.

Posted 8/23/14 4:21 PM
 

DancinBarefoot
06ers Rock!!

Member since 1/07

9534 total posts

Name:
The One My Mother Gave Me ;-)

Re: Random: FSAs for child care

Medical FSA & child care FSA work differently. You cannot get reimbursed for child care expenses until after they have accrued. So, if you put the max $5k in child care FSA and camp costs the $5k and the dates of camp are June 30- August 22, you are not eligible for reimbursement until August 23. You must pay out of pocket and then get reimbursed.

Medical is available on January 1. If your employer uses a debit card system, you just use that to pay for your co-pays etc. If not, you pay out of pocket and submit receipts for reimbursement.

Posted 8/23/14 6:25 PM
 
 

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