The Dependent Day Care Flexible Spending Account (FSA) allows you to contribute money on a pretax basis (reducing your taxable income) and then get reimbursed from your account when you pay for child or elder day care expenses of legal dependents. Qualified expenses include licensed day care center or after-school care for children up to age 13, and care for elderly and/or disabled adults who qualify as tax dependents.
Note: The Dependent Day Care FSA cannot be used for dependent health care expenses.
You may contribute $100 to $5,000 of your pretax salary to the Dependent Day Care FSA. Under federal rules, you may contribute up to $5,000 per calendar year per family. If you're married and filing separately, the maximum is $2,500.
The Synopsys FSA plan is administered by HealthEquity.
- Go to Benefitsolver:
- From work: Visit the Benefits SharePoint webpage and click on "Benefitsolver."
- From home: Log in to Benefitsolver with your Benefitsolver username and password. If this is your first time using the portal, select “First Time Here” and register as a new user. Company key is "Synopsys."
- Refer to "WageWorks" in your homepage sidebar.
There are two ways to submit claims for reimbursement:
The use-it-or-lose-it rule applies if you do not use all of the money in your account by the end of the two-month grace period following the plan year. The rule also applies if your employment terminates prior to the end of the plan year and you do not have eligible expenses incurred prior to your termination date to claim for reimbursement. When your employment terminates, you have the option to elect to continue the Dependent Day Care FSA through COBRA to the end of the plan year to allow you additional time to incur eligible expenses and receive reimbursement.
For detailed summaries and legal disclosures, visit the Legal Notices page.