FSAFEDS Child Care Account Experience

[Anonymous]

I am thinking of signing up during open season, but wanted to see what the reimbursement process is like? is it cumbersome? Do I pay for daycare first and then get reimbursed?

[Anonymous]

Crazy this just popped up because I'm on their website now. I elected to put the whole 5k amount in and $192 is deducted from each paycheck. I only have $3800 so far, so I'll wait to get reimbursed once it hits 5k. I guess I expected the full 5k to be available to me now like a healthcare FSA.

You definitely pay daycare and then get reimbursed off of the receipt. I'm hoping it's easy because I'm at an inhome daycare where I pay by check. I assume a regular daycare would have more formalized receipts.

[Anonymous]

Super easy. Submit on Friday, get paid the next thursday

[Anonymous]

Anonymous wrote:Super easy. Submit on Friday, get paid the next thursday

OP--good to know....thanks! Will be signing up for next year.

[Anonymous]

Is this still better than the 5k deduction? I read you can't take both. I'm unsure though with the new tax law changes.

[Anonymous]

Anonymous wrote:Crazy this just popped up because I'm on their website now. I elected to put the whole 5k amount in and $192 is deducted from each paycheck. I only have $3800 so far, so I'll wait to get reimbursed once it hits 5k. I guess I expected the full 5k to be available to me now like a healthcare FSA.

You definitely pay daycare and then get reimbursed off of the receipt. I'm hoping it's easy because I'm at an inhome daycare where I pay by check. I assume a regular daycare would have more formalized receipts.

You can put in to be reimbursed at any time during the year. It'll just come back to you as the money is available - biweekly or whatever. It's a little annoying, but painless really.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Crazy this just popped up because I'm on their website now. I elected to put the whole 5k amount in and $192 is deducted from each paycheck. I only have $3800 so far, so I'll wait to get reimbursed once it hits 5k. I guess I expected the full 5k to be available to me now like a healthcare FSA.

You definitely pay daycare and then get reimbursed off of the receipt. I'm hoping it's easy because I'm at an inhome daycare where I pay by check. I assume a regular daycare would have more formalized receipts.

You can put in to be reimbursed at any time during the year. It'll just come back to you as the money is available - biweekly or whatever. It's a little annoying, but painless really.

PP here. That's interesting. I can get reimbursed until march 2019, so I'll probably do it in January.

[Anonymous]

Anonymous wrote:Is this still better than the 5k deduction? I read you can't take both. I'm unsure though with the new tax law changes.

You have to research. It depends on your income level and the number of kids you have.

[Anonymous]

Super easy to claim reimbursement.