How does your dependent care FSA work?

jlaOK

I know that they will only reimburse you for the amount that you have in your account, so in my case DH gets paid every 2 weeks so ~$192 is taken from his paycheck and therefore available for reimbursement.  Do they keep record of your claims and reimburse as funds become available?  For example, if I claim $1000 will they keep paying me $192 every 2 weeks until I get that $1000 back or do they only pay what's in the account and I have to keep submitting claims to get my money?  My FSA seems to do it both ways and I can't figure out which is right. Since daycare is way way more expensive than the $5000 I put in it would be easier if I could just submit claims until I reach $5000 then just know that I'll be reimbursed as funds become available.

Sorry for any confusion in the above and for it being so long. 

MrsSMA

Mine reimburses as funds become available. I submit claims in jan/feb and get biweekly deposits the rest of the year.

WBMom

I have to wait until the money is accumulated before I can make claims.  So I submit claims for dependent care FSA once I see a significant amount accumulated - I typically do it a couple times a year. 

shakinros

Mine reimburses as funds becomes available. I usually wait until a significant amount has accumulated. It's annoying to me to have to deal with small checks every two weeks. I think I will submit claims only 4 times this year, but of course, that does use up our whole $5K!

financialdiva

Mine works two ways- either I fill out a form in the beginning of the year that is signed by daycare stating the re-occurring amount and they reimburse as funds become available or

I submit a couple of large claims, and they reimburse as the funds become available. So, for mine, even if I have $100 available, I can claim $1,000 for the PAST weeks (can't be for future weeks) and they reimburse as it's taken from my account.

sdlaura

For mine, I have to submit claims.  I usually wait until there is a full month amount in there, and then submit the claim.

The healthcare FSA is different for me - I can use the full annual amount on January 1st if I want, even if the money hasn't been taken out of my checks yet.

Pips09

I wait until I have the full $5000 worth of expenses to submit, and then I submit it all at once. I will get a payout of whatever is in the account, and then a bi-weekly payment of whatever is taken out of my check. So they are paying me the full amount as it becomes available (is deposited). I only make the claim once.

mb314

WBMom said:

I have to wait until the money is accumulated before I can make claims.  So I submit claims for dependent care FSA once I see a significant amount accumulated - I typically do it a couple times a year. 

This.

jlaOK

Thanks for the responses.  I think I might try doing what @Pips09 and @MrsSMA do for 2014 and submit when I have $5000 to claim (March or April) and then see if they keep reimbursing me as funds become available.