Beneflex
is unique!
With our Dependent Care flexible spending
account, you no longer have to hassle with
sending in receipts or wait to be reimbursed.
Most parents live from paycheck to paycheck.
The typical plan requires that money is
deducted from the employees check but before
the employee has access to their money they
must pay their provider, obtain a receipt,
turn the receipt into the administrator
and wait to be reimbursed. Reimbursement
can take up 2 to 3 weeks. Meanwhile, the
employee is paying double daycare.
The
Beneflex "IRS approved" direct-pay
system eliminates the hassles employees
normally have to commit to in order to participate.
WE PAY THE DAYCARE'S
DIRECT!
- Employees
have no weekly checks to write to daycare's
- No
Receipts to keep
- The
same week money is deducted from their
paycheck, their daycare is paid directly
from Beneflex!
Beneflex
makes the dependent care benefit beneficial!
A
Federal tax law allows you to pay up to
$5,000 each year of qualified childcare
expenses with before-tax earnings! This
is a tremendous opportunity to reduce your
taxes while paying an ordinary and necessary
expense.
- During
your company's open enrollment period,
you decide your plan year election --
i.e. how much you want to contribute to
your DCAP account. This amount may change
each plan year as your personal circumstances
change.
- Next,
you enroll by completing an election form,
which authorizes your employer to deduct
a certain portion of your salary each
pay period on a before-tax basis. These
contributions are then placed into your
spending account throughout the plan year
via payroll deduction. If you like, we
will provide you with a free savings analysis.
- Then,
provide us information on your daycare
provider. Every Friday we will make an
electronic funds transfer into your providers
account to pay for your daycare.
The
savings is reflected in your spendable income
starting with your very next paycheck following
enrollment. What could be more convenient?
OUR
DCAP PAYMENT SYSTEM IS IRS APPROVED:
"We
have determined that the system which you
(Beneflex) administer meets the substantiation
requirements of Treasury Regulations. Thus,
individual receipts are not required for
your DCAP since your current automated system
allows for each participating employee to
substantiate their incurred and paid child
care expenses."
Since
1990, Beneflex has saved employers and employees
thousands of dollars!
