Why should I choose a Dependent Care Flexible Spending Account (FSA)? A Dependent Care FSA is a benefit that allows you to choose how much of your paycheck you’d like to set aside, before taxes are taken out, for eligible dependent care expenses each year. The Dependent Care FSA lets you pay for eligible dependent care expenses while you reap the benefits of additional tax savings.  You’re spending the money either way. This way, eligible childcare and other dependent care costs are a little less.*

The IRS sets the maximum dollar amount you can elect and contribute to a Dependent Care FSA. The 2020 annual contribution limit is:
• Per household: $5,000
• Per person (if married and filing separately): $2,500

Funds available as you contribute. Funds will be available to you as they’re deducted from your paycheck and contributed to the plan. This means when payroll is processed and your paycheck is available to you, your Dependent Care FSA contributions will be applied to your account and available for reimbursement.

Use-or-lose. Don’t forget to spend your FSA dollars. If you have not used all of your FSA dollars before the end of the plan year, you will forfeit any money left in your account. Check
with your employer to confirm how many days you have to submit claims for reimbursement after the plan year ends.

Changing your Dependent Care FSA election. In order to make changes to your election after open enrollment, you need to experience a qualifying life event.

Can I enroll?  You are eligible if you and/or your spouse (if applicable) are gainfully employed, looking for work, or are attending school on a full-time basis.

The list includes, but is not limited to, eligible: