However, they have less coverage at less cost than the primary insured. If you currently have family or dependent coverage, this benefit is automatic unless you elect otherwise. You must claim the person cared for as a dependent on your income tax return. If you use this plan, you cannot claim the same expenses as child care credits on your income tax returns. For most people, tax-sheltering under this plan will save more money than the tax credits.
Any amount left in the account at the end of the plan year is forfeited.
If you leave the school system, you can continue to draw from your account balance throughout the plan year. You have 90 days after the end of the plan year to file for expenses incurred during the year. You must re-enroll for this benefit each year if you wish to continue using it. I have an individual caring for my child. Provide the caretaker's social security number as a tax ID number.