A quick take on Dependent Care Flexible Spending Accounts

A Dependent Care Flexible Spending Account (DCFSA) is a health care account that lets you set aside pretax money to help pay for dependent care services so you can reduce your taxable income amount. Examples of eligible dependent care services are preschool, summer day camp, before and after school programs for a child, disabled spouse, elderly parent, or other qualified dependent who is physically or mentally incapable of self-care.

You can use funds from a DCFSA for costs for dependent care while you're working, looking for work or attending school full-time.

How much can I put in?

The contribution limit for a Dependent Care FSA varies from employer to employer, but typically you can put in up to $5,000 annually per household. You will receive a Bank of America Health Account Visa debit card to use with your account. Funds are available as they are deposited with each payroll deduction and Payment from a DCFSA cannot be made until the expense has been incurred.

Example: If you pay for childcare for the entire month of January on January 1, you will not be able to be reimbursed until after January 31.

See how much a DCFSA can help you save

Payment Options

You have several easy options to pay for or get reimbursed for eligible dependent care expenses:

  1. Use your debit card
  2. Pay out of pocket and get reimbursed
  3. Submit for a one-time reimbursement for your provider by filling out a Reimbursement Request Form
  4. Make recurring payments to a care provider by submitting a Recurring Dependent Care Form

Check out what expenses are qualified for payment by a DCFSA here.