Dependent Care Flexible Spending Account

Dependent Care FSA funds can be used to pay for eligible expenses necessary for you to work or attend school full-time, including:

• Day care inside or outside your home for children under age 13, or any age, if disabled.

• Tuition for pre-school, day camp, or before- and after-school programs for children under age 13.

• Day care for a disabled dependent or parent who lives with you at least eight hours a day and who you claim on your income tax return.

FSAs come with these tax advantages*:

• Money GOES INTO your account before taxes.

• Money COMES OUT tax-free when spent on eligible expenses.

*Tax advantages described here are for federal income tax purposes only. State income tax treatment of contributions and earnings may vary. Check with your tax advisor for more information.

• Eligibility

  You don't need to be enrolled in an Iron Mountain medical plan to be eligible for a Dependent Care FSA. All full-time Mountaineers are eligible to enroll in a Dependent Care FSA. If you’re married, both you and your spouse must either be working, a full-time student, actively looking for work or incapable of self-care.

• How it works

  Contribute

  Elect your contribution amount annually during Open Enrollment. You can only make changes during the year if you experience a qualifying life event.

  You can save up to $5,000^* if you and your spouse file taxes jointly (or $2,500 if you’re single or married but filing separately). The money will be deducted from your paychecks in equal amounts throughout the year before taxes are calculated. You lose any money left in your account at the end of the year.

  *If you are classified as a highly compensated employee (HCE), you can contribute up to an annual maximum of $1,700 for the Dependent Care FSA. The IRS defines highly compensated employees (HCEs) as individuals who earned $155,000 or more in 2024.

  Pay

  Use your Dependent Care FSA to pay for eligible child or elder care expenses. Remember to save any itemized receipts or Explanation of Benefits (EOBs) statements. For 2024 claims, submit your claims online at inspirafinancial.com.
  For 2025 claims, submit your claims online at netbenefits.com.

  Spend

  Funds can be used only for eligible child or elder care expenses incurred by March 15, but you have until March 31 to submit claims to the claims administrator.*

  For 2024 plan year balances:

  Claims Incurred	Deadline to Submit Claims to Inspira Financial
  January 1, 2024 – March 15, 2025	March 31, 2025

  For 2025 plan year balances:

  Claims Incurred	Deadline to Submit Claims to Fidelity
  January 1, 2025 – March 15, 2026	March 31, 2026

  *If you leave Iron Mountain, you are subject to the same deadline to submit claims, however, the claims must be incurred prior to your termination date.

For more information, contact Fidelity at 833-299-5089.