Everything you need to know about this benefit that will allow you to optimize your tax exemption and at the same time help with your work-life balance.
Summary:
- What is this benefit and what is the associated tax exemption?
- How can I pay for my child’s school using the Childcare benefit?
- Can I use my Childcare benefit to pay for school materials or extracurricular activities?
- Can I convert my Childcare balance into cash?
- I can’t find my child’s school on the list. Can I add it to Coverflex’s Childcare network?
- Why don't I have this benefit available?
What is this benefit and what is the associated tax exemption?
The Childcare benefit allows you to pay for public or private daycare for children under 3 years old, within Coverflex’s Childcare network.
Childcare expenses are exempt from IRPF and have no spending limit in all fiscal regions, except for the Basque Country, where Childcare expenses are only IRPF exempt up to 1.000€ a year.
How can I pay for my child’s school using the Childcare benefit?
In your Coverflex app, click on “Childcare” and select the child. Then choose your child’s school from the list and define the amount. We will immediately transfer the amount to the school and let them know by email that the payment is on the way.
Can I use my Childcare benefit to pay for school materials or extracurricular activities?
No. You can’t use the Childcare benefit to pay for school supplies and transport, or to pay for activities such as Summer camps and language schools. It can only be used to pay for your children’s private or public daycare.
Can I convert my Childcare balance into cash?
No. The Childcare balance can only be used to pay for children’s schools and can’t be exchange, in whole or in part, for cash.
I can’t find my child’s school on the list. Can I add it to Coverflex’s Childcare network?
Yes. Just reach out to us in the chat or send us the school’s name, phone number and email to ayuda@coverflex.com. We will contact the school and will let you know once they’re in our network.
Why don't I have this benefit available?
Because your company hasn’t included this benefit in your compensation package. Companies can choose which benefits are available for employees and which ones are not.