Day Care Savings Account
Day Care Savings Account
Plan Benefits
The Day Care Savings Account (DCSA) is an easy way to pay for dependent care expenses if you and your spouse work or your spouse is a full-time student.
You may pledge to set aside up to $4,999 a year for eligible dependent care expenses. The Plan Year is from March 1 through February 28/29. Please note that the IRS limits this amount per household. Consult your tax advisor for more information.
Eligibility & Enrollment
Eligibility
Associate: You are eligible to join the DCSA on your thirtieth (30th) day of employment (this period is called the Waiting Period) if you are classified in Workday as a Full-Time or Part-Time Associate. Temporary Associates and Independent Contractors are not eligible to participate.
Dependents: Eligible Associates may cover eligible dependents.
Eligible dependents are:
- Children under age 14 claimed as your dependents for tax purposes.
- Anyone 14 or older who lives with you, needs supervised day care (e.g., a disabled child or Spouse or an elderly parent), and is claimed as your dependent for tax purposes.
Enrollment
New Hires and Rehires: Enroll online at benefits.carmax.com within 30 days from your hire date.
Expenses
Eligible Expenses
Eligible Expenses include, but are not limited to:
- Qualified day care provider (e.g., day care facility or family home day care)
- Babysitter, au pair, nanny, or neighbor who watches your dependent(s)
- Summer day camp
- Before- and after-school programs to watch your child until you return home
- Preschool tuition
Ineligible Expenses
Ineligible Expenses include, but are not limited to:
- Day care provided by your own child (under age 19) or another dependent
- Day care for non-work-related reasons
- Day care that could be provided by your employed spouse who works different hours
- Overnight camp
- Expenses incurred before the effective date of your account
- Expenses incurred after the termination of your account
Contributions
Carefully estimate your Day Care Savings Account (DCSA) pledge amount.* You cannot change your contribution during the Plan Year unless you have a change in status event, and even then, IRS regulations may limit your ability to make a change. Forfeited money is used to offset the plan administrative expenses.
Be sure to consider times of year when your expenses change, such as holidays and vacations. If your child will turn 14 during the year, estimate your expenses only for the portion of the year before your child’s birthday.
*Plan Year Claim Deadline: Participants have until May 29 following the end of the Plan Year to submit reimbursement requests for that Plan Year.
Claims
General Information
You will be reimbursed for services based on the dates the services are incurred — not the date the bill is paid. For example, if you pay your day care bill for June in full, you cannot be reimbursed until the first claim processing date after June 30.
You will be reimbursed up to the balance in your account at the time the claim is processed. However, if the claim is for more than the balance in your account, you will continue to receive reimbursements for the claim as the account is funded. The minimum check amount is $25. If you have a remaining balance of less than $25 on a claim, it will be paid when the next claim is processed and the total amount is over $25.
Engage Wellbeing App
With the Engage Wellbeing App from Anthem, you can file and manage reimbursement claims paperwork on the spot, with a click of a smartphone or mobile device camera from anywhere. To use the Engage Wellbeing App, simply download it from the App Store® or Google Play™.
You will have direct secure access to your Anthem member portal when connected through the Engage Wellbeing App. Claims should be submitted for reimbursement through your Anthem member portal – click on My Plans and then Spending Accounts.
2025 Spending Account Comparison Chart
To view 2024 Spending Account Comparison Chart, Click Here
Health Reimbursement Account | Health Savings Account | Health Care FSA | Limited Purpose FSA | Day Care Savings Account | |
Available if you don't participate in a CarMax Medical Plan | No | No | Yes | No | Yes |
Available if you enroll in the HSA Plan | No | Yes | No | Yes | Yes |
Available if you enroll in the HRA Plan | Yes | No | Yes | No | Yes |
Available if you enroll in the PPO Plan | No | No | Yes | No | Yes |
CarMax Contributions | $300 Associate Only
$600 Associate + Dependent(s)/Family
|
$300 Associate Only
$600 Associate + Dependent(s)/Family
|
None | None | None |
You can contribute funds up to the IRS annual maximum | No | $4,300 Associate Only
$8,550 Associate + Dependent(s) / Family
Additional $1,000 contribution allowed if age 55 and over
|
$3,299 or maximum IRS allowable limit | $1,500 | $4,999 or maximum IRS allowable limit |
Your per-paycheck contributions reduce your taxable income | N/A | Yes | Yes | Yes | Yes |
Contributions earn interest on a tax-deferred basis and can build long-term savings | No | Yes, may build long term savings | No | No | No |
Contributions roll over year-after-year | Yes, as long as you continue to enroll in the HRA plan | Yes | Yes, up to $660 as long as you elect to continue to participate | Yes, up to $660 as long as you elect to continue to participate | No |
You can change contribution elections anytime during the plan year | No | Yes | No | No | No |
You can take your account with you if you leave CarMax | No | Yes | No | No | No |
You can spend before available funds are deposited | No | No | Yes | Yes | No |
Funds are available for eligible medical, dental, and vision expenses | Yes, money is automatically deducted for eligible medical expenses; you’ll get a debit card to use for eligible prescription drug, dental, and vision expenses | Yes | Yes | Dental and vision only | No |
Funds are available for eligible child and elder day care expenses incurred to enable you to work | No | No | No | No | Yes |