FSA Dependent Care Accounts Roll Over Targeted
by Senate
The Working Families Assistance Act of 2004, H.R. 4372, would
provide a change in Dependent Care Flexible Spending Accounts (FSAs)
to allow for $500 of unused expenses to be carried over to the next
plan year. The bill passed the House of Representatives and is now
awaiting a Senate vote.
Dependent Care FSA covers eligible dependent care expenses incurred
to allow participant, or if married, the participant and spouse
to work or attend school full-time (i.e., child care expenses, adult
care expenses).
This bill meets up with H.R. 4279, which passed earlier in the
House of Representatives and is also waiting for a Senate vote.
H.R. 4279 would permit up to $500 in a Health FSA to be carried
over from year to year or to be placed into a Health Savings Account
(HSA).
A Health FSA covers eligible health care expenses not reimbursed
by medical, dental or vision care plans that participants and their
families already have. The account helps participants budget for
planned expenses such as deductibles, co-payments, dental, vision,
and prescriptions or over-the-counter drugs.
For more information on this or other employee benefit administration
and compliance issues, please visit our website, www.benefitsolved.com,
or call 800-779-6384.
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