Do Dependent Care Accounts work the same way?
No, Dependent Care Accounts work a little differently. If you submit a request for reimbursement and your balance is less than the amount of the request , you will only be reimbursed for the amount of money available in your account. The remainder will be reimbursed once the money is deposited into your dependent care flexible spending account. This enables you to submit a request only once and receive funding on an ongoing basis, rather than be denied payment or be forced to resubmit the request until it can be paid in full.
Related Questions
- I enrolled in Dependent Care Spending Account but meant to enroll in Health Care Spending Account. Can I change accounts now?
- Do I have to re-enroll in the Healthcare and/or Dependent Care Flexible Spending Accounts (FSA) every year?
- What are amounts withheld from wages for dependent care and medical spending accounts?
