Dependent Care FSA
The Dependent Care Flexible Spending Account (DCAP) allows you to be reimbursed for qualified dependent day-care expenses with pre-tax funds. The maximum annual election amount is $5000 (married filing jointly or head of household) or $2500 (married filing separately). To be eligible for reimbursement you will need to provide a statement from the service provider with the following information: name, address, taxpayer identification number (in most cases), and incurred expense amount. Please see the Summary Plan Description for dependent eligibility requirements.
Throughout the Plan year you can submit for reimbursement for qualified medical and dependent care expenses in the following ways: fax (forms available at myaxisplus.com), email, online, or mobile application. Employees may also pay for their qualified medical expenses directly from their FSA with the AxisPlus debit card. See the SPD for further details. Expenses are “incurred” when the service has been provided. The reimbursement requirements will be listed on the reimbursement claim forms.
It is important for you to decide what benefits you will need for each Plan year. Your decision should be carefully made based on your expected health expenses for the coming year. Unless a qualifying “change in status” event occurs, you will not be able to change your elections after the first month of the Plan year. To see a list of the qualifying “change in status” events please see your Summary Plan Description (link to tab)
Run-out Periods for Submitting Claims is as follows:
You must submit your claims for reimbursement to Axis Plus per the schedule below timely or you can not be reimbursed per IRS guidelines.
|Run out period for active employees:||90 days after plan year ends (last day to submit claims is Sept. 28)|
|Run out period for terminated employees:||90 days after your termination date|