**NOTE: Please visit our "COVID-19 Info." page for updates/changes regarding your plans.**
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 current 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 contributions will be applied to your account and available for reimbursement.
Changing your Dependent Care FSA election mid-year. In order to make changes to your election after open enrollment, you need to experience a qualifying life event.
Some Qualifying life event examples:
(Increase due to birth, adoption or marriage) or (Decrease due to death, divorce or loss of eligibility)
The list includes, but is not limited to, eligible: