Dependent Care FSA

Dependent Care Flexible Spending accounts (DCFSAs), have become increasingly accepted and popular over the last twenty years. DCFSAs are now a standard component in the benefit plans of most public and private organizations. Employees like DCFSA's because they help to increase their spendable income for their loved ones. For most employees with daycare expenses, DCFSAs generally provide tax relief which exceeds the value of the Federal Childcare Tax Credit. Employers like DCFSA's because the cost of maintaining a DCFSAs is usually more than covered by the FICA savings for the employer.

Quick Claims Turnaround

DCFSA administration requires Benesyst to interact directly with your participants when they are trying to provide for their loved ones. Most participants want to interact directly with the administrator to receive reimbursement as quickly as possible and with no nonsense. This makes quality service absolutely critical. Most employees cannot afford to pay their daycare provider, have their daycare FSA contribution deducted from their paycheck, and then wait a week or two or three for reimbursement! This is why the maximum turnaround time for daycare reimbursement claims at Benesyst is guaranteed, by contract, not to exceed two days from the day we receive it to the day we release payment. Daycare participants easily tolerate the reimbursement process when the turnaround time is that quick.

Excellent Service + Solid ROI

Many employers still may not appreciate the financial value of this DCFSA tax benefits for both the employer and the employee. Because daycare consumes a significant portion of an employee's disposable income, participating employees tend to fund DCFSAs at a much higher level than other FSAs, frequently reaching the maximum federal limit. The corresponding tax savings to the employer on the maximum $5,000 annual contribution is in excess of $30.00 per month.

The fees charged by Benesyst to administer DCFSA's is a small fraction of this savings amount. So while a participant can save over $2,000 per year in taxes, the program can also be financially beneficial for the employer! When such obvious payoff, it just makes sense to select a high-quality vendor like Benesyst who focuses on quick claims turnaround and is focused on participant satisfaction. Since Daycare FSAs are generally (but not always) combined with Health Care FSAs, you'll receive all the same benefits of outstanding claims processing and responsive customer service that delivers true customer satisfaction.

Benesyst DCFSA Services feature:

Fully- automated Online Claim System – prompts for common claim types and offers fully indexed list of eligible expenses
Email notifications regarding account status
The fastest claims turnaround time in the industry.
Effective, customizable educational materials – including client specific content and branding.
Participant and employer Internet access (24/7) to highly comprehensive support.
Toll-free access to the knowledgeable and caring customer advocacy team
Voice response system 24/7 (toll-free) with account information and InfoLine knowledge support
Email confirmations and online claims tracking
Quarterly statements and 30-day year-end warning statements
Paperless statements, communications and forms
Benesyst Mobile Access for mobile phones or Internet enabled devices