Dependant Care Assistance Program
The cost of care is increasingly impacting the family budget, dependant care assistance programs can be a huge asset to parents who need all the help they can get to ensure that their loved ones are in good hands while they’re on the job (or seeking work).
Recent data, for example, shows that child care for two children exceeds mortgage costs in 35 states and the District of Columbia. Furthermore, a year of infant care presents a heftier bill than the average tuition cost for a year at a public college in 28 states*.
When organizations offer a dependent care assistance program as part of a employee benefit plan (authorized by Internal Revenue Code Section 129), those pre-tax dollars can go a long way to help participants realize much-needed relief in the wake of mounting costs.
Our latest video sheds some light on how ConnectYourCare’s dependent care assistance program goes to work for employers who provide the benefit to their working families.
*Child Care Aware of America Report
Dependant Care Assistance Program Video Transcript
It’s no secret that child care can be costly, but a dependent care FSA from ConnectYourCare lets employees set aside money from their paycheck, before taxes, to pay for dependent care expenses while they work.
A dependent care FSA, also referred to as a dependent care assistance program (DCAP), funds cover a variety of eligible expenses, including:
– Before or after school care;
– Day care or preschools;
– Summer camps, holiday camps, and more!
It can also be used toward qualifying custodial care for adult dependents, such as a spouse or live-in parent that is incapable of self-care.
Managing a dependent care FSA is easy! Through ConnectYourCare’s myCYC® mobile app, employees can quickly and conveniently view their account balance, snap a picture and upload a receipt, and request reimbursement.
ConnectYourCare: Making it easy to manage care, so you can enjoy life.