Dependent Care Reimbursement Account (DCRA)
Dependent Care Reimbursement is a Flexible Spending Account (FSA) through Health Equity. This FSA allows you to contribute funds to the plan pre-tax through payroll deduction and then use the funds for qualifying dependent care. This is a Use It or Lose It account that does NOT roll over so you would only want to put in the funds that you would use for that plan year. The plan year begins every January 01, and it takes up to 45 days for your account to be active and funds accessible once you're enrolled.
I have attached an information sheet as well as a health equity.com link that will give you a plan overview and answer common questions. If you have additional questions, or if you would like to enroll in the plan, please contact me.
This is a self funded plan that allows you to allocate funds pre-tax for child care for children under the age of 13 or other qualified dependent care expenses.
How do you qualify?
To qualify for a dependent care reimbursement account (DCRA), dependent care must be essential for you and a spouse, if applicable, to work, look for work or attend school full-time.
To be considered qualified, dependents must meet one of the following criteria:
Children under the age of 13
A spouse who is physically or mentally unable to care for him/herself
Any adult you can claim as a dependent on your tax return that is physically or mentally unable to care for him/herself
https://healthequity.com/learn/dcfsa