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With an HSA, qualified "high deductible health plan" employers will save money by lowering out-of-pocket company expenses for health care premiums.
Ask about HSA requirements and options.
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Dependent Care
Dependent Care Reimbursement enables an employee to deduct childcare (day care) or elder care expenses up to $5000.00 a year per family, before taxes. The following rules apply to this account:
- A Dependent must be either under age 13 or disabled at any age.
- Employee and spouse must be working, seeking employment, or attending school.
- Expenses cannot exceed the lower income of either spouse.
- If using a day care center, it must be licensed.
- Babysitting services provided by a “dependent relative” under age 19 are not eligible.
- Overnight camps are not eligible.
- A receipt must be submitted and must show the date of service, the amount charged, the provider’s name and federal identification number/social security number.
After school programs, summer camps, and elder care are eligible. Remember to review the savings through this program versus the savings of the child care tax credit; the total tax savings depends on household income.
View the Dependent Care example. This document requires Adobe Acrobat Reader to view. If you do not have Adobe Reader, click here to download.
Click here to view the Dependent Care Reimbursement Form.
For more information, contact plan administrator:
Sheakley Pension Administration, Inc.
Flexible Benefits Division
1-800-877-6630
Email: 125@sheakley.com
*Due to recent changes to the definition of a dependent, we strongly suggest you
contact your tax advisor if you have any questions regarding who qualifies.
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© 2010 Sheakley, One Sheakley Way, Cincinnati, Ohio 45246 800.877.2053 513.771.2277
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