How It Works
- You choose an annual contribution amount that is deducted from your paycheck in equal amounts throughout the year and placed in an account just for eligible dependent care expenses (not dependent health care expenses).
- Because the amounts are deducted before taxes are calculated, your taxable income is reduced each pay period so you pay less in taxes.
Dependent Care FSA Snapshot
Who is eligible?
- Regular full-time team members
- Regular part-time team members
- Review the benefits eligibility details
What is it?
A simple, convenient way to get a tax break on eligible dependent care expenses
Save an average of 30% by using pre-tax dollars to pay for eligible expenses (exact savings percentage depends on your tax situation)
- Minimum annual contribution: $250
- Maximum annual contribution: $5,000
- Plan carefully! According to IRS rules, you have until March 15 of the following year to spend any dollars left in your account as of December 31 of the current year. After the grace period ends on March 15, you will forfeit any unused contributions from the prior year.
- You cannot change your contribution level until the next Annual Enrollment period, unless you have a qualifying life event.
This FSA is for qualifying day care expenses for your:
- Dependent child(ren) under age 13
- Disabled spouse
- Dependents physically or mentally incapable of caring for themselves
Learn more about which dependent care expenses are eligible.
What to do
Access your FSA
You can check your account balance, pay providers, request reimbursement and access tools and resources at www.healthequity.com.
Get the app
Download the HealthEquity Mobile app via the Apple App Store or Google Play.
Note: The HSA is not available to team members outside the continental U.S.