FSA People

kreeper611

If you quit your job, can you still get your money?  I'm doing daycare FSA, if that matters.

sad5781

From what I'm reading online, no, you'd need to use it before you quit.  I can't find anything specific to the Dependent Care FSA.

In general, Medical FSA is like an insurance policy, so you can use more than you've paid in and if you quit before you've paid in as much as you've used, you are in luck.   Just like insurance... you still get your coverage even if you've never paid in that $ in premiums.

That said, I know my Dependent Care FSA does NOT allow you to get what you haven't paid in, so maybe it works different if you quit.   

I'd think that your Daycare expenses are more than what you are allowed to pay in right?  So you should be able to submit your reimbursements for what you've paid so far this year and get it all back? 

sad5781

Drain your FSA. You may be able to extend your flexible spending account benefits under COBRA (see What Happens to Your FSA If You?re Laid Off). Or you may be facing a use-it-or-lose-it situation. So if you had been stashing, say, $100 a month in your FSA this year and had yet to make any withdrawals, quitting in August would mean saying goodbye to your $800.Start spending as much of it as you can (perhaps the only time I?ll offer those words of advice). Consider loading up on contact lenses or new eyeglasses, or maybe even getting Lasik. (You can even use the funds for the therapy, or drug and alcohol treatment, that you need to get through your remaining days of work.) For other ideas, see Flex Plan Money: Use It or Lose It and 7 Smart Uses for You Flex-Account Money. You have to pay for the products or services before your last day on the job, but you can file for reimbursement later.

Read more: http://www.kiplinger.com/columns/starting/archive/quit-your-job-the-smart-way-save-a-fortune-steven-slater.html#ixzz1UY5rJHBa 
Become a Fan of Kiplinger's on Facebook

almond1123

Dependant Care FSA will only pay out what you've paid in.  If you quit and don't use it you will lose it just like a Medical FSA.

Submit your reimbursements now since you've probably paid more than the $5000 cap already.  Get the check back then quit.  Hopefully they are fast in cutting the check.

CareBear01

almond1123:

Dependant Care FSA will only pay out what you've paid in.  If you quit and don't use it you will lose it just like a Medical FSA.

Submit your reimbursements now since you've probably paid more than the $5000 cap already.  Get the check back then quit.  Hopefully they are fast in cutting the check.

Yes, this.  I have submitted my expenses awhile back, and I got the lump sum of what I have already paid in, and just wait to get the checks every paycheck (we pay in evenly throughout the year).  I am guessing you can start up the dependent care at the new job and pay in there to finish it out?