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Flexible Spending Account (FSA)

Flexible Spending Account (FSA)

Flexible Spending Accounts (FSA) allow you to use pre-tax money to pay for qualified expenses throughout the year. It’s a great way to take the bite out of regular health care costs, and you’ll save even more if you use the Dependent Day Care FSA which provides reimbursement for eligible day care costs.

Dependent Day Care FSA

The Dependent Day Care FSA lets you use pre-tax money to pay for the day care you and your spouse need in order to work. It reimburses you for the care of your dependent children under the age of 13, a disabled spouse or a disabled dependent of any age.

In order to use a Dependent Day Care FSA, you (and your spouse if you’re married) must be gainfully employed, full-time students for at least five months of the year or disabled and unable to care for your children. It’ll reimburse you for:

  •  Licensed day care center or nursery school.
  • A caretaker or companion who works in your home during working hours. 
  • Adult day care center.
  • Before- and after-school day care. 
  • Day care expenses for children or the elderly including meal preparation, housecleaning and assistance with dressing.
  • Transportation provided by your day care to its location.
  • Day camp. There are some requirements your provider must meet for you to be reimbursed. Make sure to verify that your day care provider qualifies as an eligible expense.

Contributions – You can contribute a minimum of $120 and a maximum of $5,000 annually. You can only be reimbursed for expenses up to the amount deposited in your Dependent Day Care FSA. The annual maximum Dependent Day Care FSA contribution varies based on your personal situation; refer to the Benefits Handbook for more information.

Forfeiture – Your account balance does NOT carry over from year to year (“use it or lose it”). To avoid forfeiture, you must use all the money in your Dependent Day Care FSA during the calendar year. Reimbursements must be for services rendered from January 1 through December 31 of the calendar year. Claim filings must be postmarked by June 30 of the following year.