Dependent Care Flex Spending account

[FiguringItOut]

If I have money taken out of my paycheck for Dependent Care FSA to cover the cost of summer camp in July and I leave the job in June, will I be able to claim the summer camp to get reimbursed, or will this money in FSA be 'lost' to me?  There are no other child care expense that I can claim other than camp in July.

Thanks

[NoStacheOhio]

If camp qualifies, you should still be able to take it on your taxes (you could deduct even without FSA), but your employer may have different rules about the accounts. Also, the elected amount is deducted over the course of a year, so you won't have as much in there as you took at the beginning of the year.

[2buttons]

When will you pay for Summer Camp? Also, will you amass enough for camp in time before you leave?

[FiguringItOut]

When will you pay for Summer Camp? Also, will you amass enough for camp in time before you leave?

I got the bill yesterday.  Total Bill is $1210. I have  FSA set for  $1200 for  the year.   The 2 weeks of camp is going to be last week of July and first week of August.    I can pay the bill today or anytime before end of June. 

As long as I'm still with the company in mid august I'm be able to pull out everything that accumulated in FSA to the date of my leaving the company. 

But what if I leave around June?  There is a good possibility of that happening.  Will I have to forfeit the $600 accumulated in my FSA at that time? 

[NoStacheOhio]

When will you pay for Summer Camp? Also, will you amass enough for camp in time before you leave?

I got the bill yesterday.  Total Bill is $1210. I have  FSA set for  $1200 for  the year.   The 2 weeks of camp is going to be last week of July and first week of August.    I can pay the bill today or anytime before end of June. 

As long as I'm still with the company in mid august I'm be able to pull out everything that accumulated in FSA to the date of my leaving the company. 

But what if I leave around June?  There is a good possibility of that happening.  Will I have to forfeit the $600 accumulated in my FSA at that time?

The money in the account SHOULD be usable, but you'd need to double check with your payroll or HR department.

I'm 90% sure using an FSA makes you ineligible to take a the deduction, although if it's only $600 difference that may not be a big deal.

[ender]

When will you pay for Summer Camp? Also, will you amass enough for camp in time before you leave?

I got the bill yesterday.  Total Bill is $1210. I have  FSA set for  $1200 for  the year.   The 2 weeks of camp is going to be last week of July and first week of August.    I can pay the bill today or anytime before end of June. 

As long as I'm still with the company in mid august I'm be able to pull out everything that accumulated in FSA to the date of my leaving the company. 

But what if I leave around June?  There is a good possibility of that happening.  Will I have to forfeit the $600 accumulated in my FSA at that time?

You should be able to pay the bill, get reimbursed from your FSA, and then leave.

FSAs are high risk/high reward when it comes to this sort of thing. You could, for example, elect $2500 into a vision FSA, get Lasik on Jan3, get reimbursed the full amount, and then quit on Jan 15. Your employer would be responsible for the remainder of your election, as you are no longer there.

The flip side is if you accidentally contribute more than you need, tough luck. Or if you quit and don't use it by your last date, same.

I suspect you are not eligible to "pull out everything that accumulated in FSA" though I would try to find out.

You might want to  read this thread - http://money.stackexchange.com/a/18386/9171

[KCM5]

When will you pay for Summer Camp? Also, will you amass enough for camp in time before you leave?

I got the bill yesterday.  Total Bill is $1210. I have  FSA set for  $1200 for  the year.   The 2 weeks of camp is going to be last week of July and first week of August.    I can pay the bill today or anytime before end of June. 

As long as I'm still with the company in mid august I'm be able to pull out everything that accumulated in FSA to the date of my leaving the company. 

But what if I leave around June?  There is a good possibility of that happening.  Will I have to forfeit the $600 accumulated in my FSA at that time?

You should be able to pay the bill, get reimbursed from your FSA, and then leave.

FSAs are high risk/high reward when it comes to this sort of thing. You could, for example, elect $2500 into a vision FSA, get Lasik on Jan3, get reimbursed the full amount, and then quit on Jan 15. Your employer would be responsible for the remainder of your election, as you are no longer there.

The flip side is if you accidentally contribute more than you need, tough luck. Or if you quit and don't use it by your last date, same.

I suspect you are not eligible to "pull out everything that accumulated in FSA" though I would try to find out.

You might want to  read this thread - http://money.stackexchange.com/a/18386/9171

For the record, your first example is not how my FSA works. I only get reimbursed what I put in. So if I quit Jan 15 I would only get reimbursed for the amount of money put into the FSA for 1 or 2 paychecks. If my claims are higher than the amount that has been put into the account, I just keep getting reimbursed the amount put into the account every paycheck until it equals my claim.

In the OP's case, I wouldn't be able to file the claim until after the service was performed - so if he worked with my FSA he would need to be still employed in August.

Also, from what I understand about FSAs, they need to be used as childcare when both parents, if there are two, are working, looking for work, or going to school. If the OP is not employed in August they'll need to be actively looking for work.

[forummm]

You should still be able to be reimbursed from an FSA after separation from the employer as long as you have a qualifying expense during the covered calendar year and have enough funds remaining in the account. In OP's case, since the desire is to separate before the end of the year, accelerating the withholding amounts would be beneficial. If it's a prorated deduction from the paycheck in an amount that would take the entire year to reach then the OP's account won't have enough of a balance to meet the full expense. Some accounts let you accelerate deductions.

[FiguringItOut]

You should still be able to be reimbursed from an FSA after separation from the employer as long as you have a qualifying expense during the covered calendar year and have enough funds remaining in the account. In OP's case, since the desire is to separate before the end of the year, accelerating the withholding amounts would be beneficial. If it's a prorated deduction from the paycheck in an amount that would take the entire year to reach then the OP's account won't have enough of a balance to meet the full expense. Some accounts let you accelerate deductions.

I don't care about accelerating deductions.  I just don't want to lose what's already been deducted. 
Called provider , but got no clear answer if I can get reimbursed for camp that will happen after I leave.  I can't ask my HR as I don't want them to know that I am thinking of leaving soon.  After all, I may end up staying. 

[mm1970]

I just read my own company's FSA plan.

For ours, any money left after you terminate your employment is forfeited.

Paying for summer camp in July if you leave in June would not be eligible for a claim.

Eligibility is determined by employment and date of service, NOT the date you paid for the service.

[MsPeacock]

You may want to check that you can claim overnight camp at all. I think it is excluded.
http://uc.conexisfsa.com/Dependent_Care_FSA_Guidelines.html

[couponvan]

When will you pay for Summer Camp? Also, will you amass enough for camp in time before you leave?

I got the bill yesterday.  Total Bill is $1210. I have  FSA set for  $1200 for  the year.   The 2 weeks of camp is going to be last week of July and first week of August.    I can pay the bill today or anytime before end of June. 

As long as I'm still with the company in mid august I'm be able to pull out everything that accumulated in FSA to the date of my leaving the company. 

But what if I leave around June?  There is a good possibility of that happening.  Will I have to forfeit the $600 accumulated in my FSA at that time?

You should be able to pay the bill, get reimbursed from your FSA, and then leave.

FSAs are high risk/high reward when it comes to this sort of thing. You could, for example, elect $2500 into a vision FSA, get Lasik on Jan3, get reimbursed the full amount, and then quit on Jan 15. Your employer would be responsible for the remainder of your election, as you are no longer there.

The flip side is if you accidentally contribute more than you need, tough luck. Or if you quit and don't use it by your last date, same.

I suspect you are not eligible to "pull out everything that accumulated in FSA" though I would try to find out.

You might want to  read this thread - http://money.stackexchange.com/a/18386/9171

For the record, your first example is not how my FSA works. I only get reimbursed what I put in. So if I quit Jan 15 I would only get reimbursed for the amount of money put into the FSA for 1 or 2 paychecks. If my claims are higher than the amount that has been put into the account, I just keep getting reimbursed the amount put into the account every paycheck until it equals my claim.

In the OP's case, I wouldn't be able to file the claim until after the service was performed - so if he worked with my FSA he would need to be still employed in August.

Also, from what I understand about FSAs, they need to be used as childcare when both parents, if there are two, are working, looking for work, or going to school. If the OP is not employed in August they'll need to be actively looking for work.

Medical FSA's are different than Dependent Care FSA's.  The bolded statement is TRUE for Medical FSA's, but not Dependent Care FSA's. 

[ender]

Hmm.

I guess it shouldn't surprise me they are different...

[charis]

My Dep Care FSA has denied claims for service dates that have not occurred yet.  For instance, I pay for the full month at the beginning of the month.  I cannot submit a claims for weeks/dates that haven't occurred yet. 

My understanding that only day camps are reimbursable for periods when the parents are working, looking for work, or in school (?).