fsa-decap-faqs

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FSA Videos

Worksheets and Calculators

DeCAP

HCFSA

MSC Health Benefits Buy-Out Waiver

MSC Premium Conversion

FSA Forms and Downloads

FSA Frequently Asked Questions

Email FSA


Dependent Care Assistance Program

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What is DeCAP? View the Answer

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The Dependent Care Assistance Program (DeCAP) is a way to pay for dependent care expenses with before-tax dollars.

What is the main purpose of this program? View the Answer

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This program enables you to provide care for your dependents while you and your spouse work or attend school full-time.

When Can I enroll? View the Answer

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Generally, employees can enroll during the annual Open Enrollment Period beginning of October through the middle of November prior to the upcoming Plan Year. Employees can also enroll mid-year only if a Qualifying Event occurs.

How much can I put aside in my DeCAP account?View the Answer

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The minimum contribution is $500; the maximum is $5,000.

When is the last date that I can request cancellation or modification of my DeCAP and or HCFSA goal amounts on a prospective basis for the Plan Year? View the Answer

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Please be advised that the last week of November is the deadline for submitting payroll deduction cancellation or modification requests on a prospective basis for HCFSA and/or DeCAP for all payrolls due to payroll cut-off dates.

Who are considered eligible dependents? View the Answer

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A child under age 13 and any dependent who is mentally or physically incapable of caring for himself/herself and lives with you for more than half of the year, such as a dependent child or parent, a handicapped child of any age, or an incapacitated spouse.

What types of expenses are covered? View the Answer

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This program pays for babysitting, nursery school, preschool, summer day camp, before- and after-school programs, and other dependent care.

How can I benefit by joining this program? View the Answer

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By enrolling in DeCAP, you not only plan for anticipated dependent care expenses but also reduce your gross income for federal and Social Security tax purposes. The end result is that you save on your taxes.

How does this program work?View the Answer

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First, you estimate your pre-tax contribution to your account for the Plan Year. Second, you fund your account through automatic payroll deductions. Finally, you submit a claim for your eligible expenses and the reimbursement is automatically deposited into a bank account you have chosen.

Please note that direct deposit is the fastest way to receive your reimbursements. Check may take up to 10 business days from the date claims were closed to be received.

Will I receive a statement of my account?View the Answer

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Each participant will receive a personal account statement every month.

What happens if I do not submit claims for the amount I contribute?View the Answer

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According to IRS rules, amounts not used by the end of the Plan Year will be forfeited.

How can I get further information on this program?View the Answer

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Contact the FSA Administrative Office at (212) 306-7760 or (212)306-7789.