Flexible Spending Accounts
Catalina offers two different types of Flexible Spending Accounts (FSAs), administered by WEX:
Dependent Care FSA
Commuter FSAs
FSAs allow you to contribute pre-tax dollars up to the annual IRS limits to pay for eligible expenses.
dependent care fSA
Use this account for eligible dependent care expenses, such as day care for your children under the age of 13 or adult care for dependent elderly relatives.
You can contribute a total of $130 to $5,000 annually per household (or up to $2,500 if you are married and filing taxes separately). Dependent Care FSA funds are only available as you contribute money into your account.
Note: Contributions to Dependent Care FSAs cannot be changed throughout the plan year without a qualifying life event.
Dependent Care FSAs are "Use it or Lose it" Accounts
Be smart about how you contribute to the Dependent Care FSA. Any money that you don't use, you will lose.
Here's the rule - you must incur the expense by December 31, 2024, and submit receipts for reimbursement by March 31, 2025 or you will forfeit your contributions.
WEX - Your Dependent Care FSA Administrator
With WEX, you have access to a variety of tools and resources to manage and keep tabs on your Dependent Care FSA. You can:
Open and manage your account on your smartphone or tablet
Find a list of qualified dependent care expenses
Access their knowledgebase of help articles to get answers to common questions
Commuter fSAs
The Commuter FSA is an account used to pay for work-related transit and parking expenses, tax-free. Unlike other FSAs, you may start enrollment anytime throughout the year, your balance in this account rolls over from year-to-year, and you may change the amount you contribute at any time.
You may contribute up to:
$315 per month for transit expenses (subway, bus, ferry, commuter train, van-pooling)
$315 per month for parking expenses (at or near work and/or transit station)
Important Information Regarding Domestic Partners
By law, expenses for domestic partners and their dependents are not eligible for reimbursement from HSAs or FSAs unless they are your tax dependents. To learn more, see IRS Publication 503 online at www.irs.gov.