Dependent Care Flexible Spending Accounts allows you to set aside up to $5,000 annually on a before-tax basis to pay for eligible dependent care expenses. These contributions are not subject to Federal income tax, Social Security, Medicare, or most state and local income taxes.

HOW IT WORKS

• The family maximum you can set aside in one year is $5,000. This is a legal limit that applies, whether you are a single head-of-household or if you are married, to you and your spouse together.  Your annual pledge should be determined based on the date you are eligible to start participating in the program through June. 30th. DriveTime contributes to your account each pay period, based on your time with the company.
  
• If you join the plan mid-year and previously participated in another employer’s dependent care assistance program, your maximum combined annual contribution under both plans is $5,000. It is your responsibility not to exceed the maximum combined annual contribution limit.
  
• Your deductions are put into a Flexible Spending Account. Once expenses are incurred, you will submit your reimbursement claim form with the receipt from your dependent care provider to United Healthcare, DriveTime’s Flexible Spending Account administrator. Reimbursement up to the balance in your FSA is usually made within 10 business days of receipt of your completed claim form by UHC. Any money left in your FSA after Sept. 31 of the following year will be forfeited according to IRS regulations. It is very important that you carefully estimate the amount of your FSA contributions.

WHEN YOU CAN ENROLL

• Your election must be submitted online within 60 calendar days of your hire date or within 30 calendar days of a Family Status Change event, such as gaining a new dependent. You may also enroll during DriveTime’s benefits Open Enrollment period in May for coverage effective the following July. You must re-enroll in Flexible Spending Accounts each year during Open Enrollment. If you do not re-enroll, your participation will cease.