Through Basic NEO, your Flexible Spending Account (FSA) provides you with an important tax advantage that can help you pay health care and dependent care expenses on a pretax basis. By anticipating your family’s health care and dependent care costs, you can actually lower your taxable income and that means you get to keep more of what you earn!
Health Care FSA: Use pretax dollars to pay for certain IRS-approved health care expenses that are either covered or not covered under your medical plan.
Dependent Care FSA: Use pretax dollars toward qualified dependent care expenses
DOES YOUR CHILDCARE QUALIFY?
- The child must be under 13 years of age and your dependent under federal tax rules
- Care may be provided inside or outside your home, but not by someone who is your dependent for income tax purposes
- Your total elected contributions must not exceed you or your spouse’s income, whichever is lower
- Services must be for the physical care of the child, not for education, meals, etc. (Your FSA cannot be used for child support.)
- Your FSA may not be used for weekend or evening baby sitting
MEDICAL FSA
DCAP
Resources
Go Mobile of 24/7 Access:
Download the free Basic NEO Mobile App for iPhone or Android. You can use the mobile app to check your FSA and Dependent Care FSA account balance, file new claims, view account activity and much more!
