Dependent Care Account
Dependent Care FSA
The University's Dependent Care Account, administered by WEX Benefits, is available to assist with the cost of day care for your children or other eligible dependents on a pre-tax basis. The federal contribution limit to this plan is $5,000 annually.
- Annual max: $5,000
- You must use it or lose it!
- Enroll for each calendar year - changes may only be made during Open Enrollment or with a life event
Enroll
If you would like to enroll in a dependent care account, please login to the WEX Benefits Portal (http://benefitexpress.richmond.edu/), select "Life Events" from the left sidebar menu, and scroll down to "Change to DCFSA". Click "Enroll", where you can enroll annually.
Eligibility
Available to anyone (even if you are not on the University’s insurance plan)
A Dependent Care FSA can be used to reimburse expenses related to care of eligible dependents while you work (dependent children under the age of 13 by a babysitter, day care or before/after-school care, disabled spouse, parent or child (if individual lives with the covered employee). The maximum you can contribute to the dependent care FSA is $5,000 (or $2,500 if you are married and filing separately).) Dependent Care FSA funds are only available after they have been deducted from your paycheck and must be used in the calendar year.
Below is a general listing of accepted items. Please check the university’s plan document for specific exclusions. To verify if a certain expense is covered if it is not listed below, please call 1-800-532-3327.
- After-school care or extended day programs (supervised activities for children after the regular school program).
- Educational expenses (i.e. nursery school)
- FICA and FUTA taxes of a daycare provider
- Sick-Child Center
- Relative (When a relative is the caregiver)