A Dependent Care FSA is available to all employees. You can contribute up to $5,000 if you are married and filing jointly or up to $2,500 if you are single or married and filing separately.
Contributions are made through pre-tax payroll deductions to help cover your eligible dependent care expenses, including child care for children up to age 13 and care for dependent elders.
Choose
Choose your contribution amount when you enroll. You can only change it during the year if your personal situation changes, so estimate carefully.
Contribute
Your annual contribution will be divided into equal deductions from each paycheck. You can only use money that has been deposited into your account.
Spend
Log in to the Voya Financial website to request reimbursement for payments you have made.
Use It Up
Unused money does not carry over at the end of each year — use it or lose it! Be sure to use it up.
Making mid-year changes
You can change your Dependent Care FSA contribution if you experience a significant change in cost or coverage (this doesn’t apply to the Health Care FSA).
Examples include:
- A large increase or decrease to your day care provider’s monthly fees
- A mid-year change to your spouse’s coverage that affects your dependent care
Any mid-year changes must be consistent with the qualifying event. If your provider’s charges go up, then it could be consistent to increase your Dependent Care FSA contributions — but not consistent to reduce the amount you put in.