What is a dependent care FSA?
Dependent Care Flexible Spending Account Detailed Video Transcript
Caring for your loved ones.
Spending money wisely.
[Optum Bank Dependent Care Flexible Spending Account
Liberty Mutual Logo]
That’s the heartbeat of the Optum Bank Dependent Care Flexible Spending Account.
Offered through your employer, a Dependent Care FSA, can help you put aside dollars – income tax- free -- for the care of children under 13 -- or for dependent adults who can’t care for themselves.
[Up to $5,000 per year*]
[*Maximums may be lowered based on your filing status.]
Each household can contribute up to the IRS-allowed maximum.
Your account is funded by payroll deductions before taxes.
That money may help pay for a variety of services, including:
Or.. Senior Day Care.
The Dependent Care FSA is a bit different than a Health Care FSA.
With a Health Care FSA, the money you contribute to your account shows up in one lump sum on Day 1 of the plan year.
A Dependent Care FSA is typically funded every pay period, so you can only use what you’ve saved up.
Plan carefully, because the Dependent Care FSA is a “use it or lose it” account.
Some plans have a grace period, but generally if you don’t use your FSA dollars in a given year – you’ll lose the remaining cash.
If you’re using the Dependent Care FSA for Day Care, it’s unlikely you’ll leave anything behind.
For many, Day Care expenses can exceed $10 thousand dollars a year. With this account, at least half of that expense will be covered with pre-tax dollars.
And all year long, we’ll help you keep track of your money at optumbank.com or the Optum Bank app.
You can get a quick view of your account, check your balances and even file a claim.
We’ll also help you keep track of any other Optum Bank account that you can easily pair with the Dependent Care FSA, be it a Health Savings Account or a Limited Purpose FSA.
They all work together for you.
Check your benefit information to see if you’re eligible.
[Optum Bank Dependent Care Flexible Spending Account]
[Liberty Mutual logo]
The Optum Bank Dependent Care Flexible Spending Account.
Spending money wisely – income tax-free -- for those who matter most!
[Flexible spending accounts (FSAs) are administered by OptumHealth Financial Services and are subject to eligibility and restrictions. The content in this video is not intended as legal or tax advice. Federal and state laws and regulations are subject to change.]
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A dependent care FSA can help you put aside dollars, income tax- free, for the care of children under 13 or for dependent adults who can’t care for themselves. Your account is funded by payroll deductions before taxes. That money may help pay for a variety of services, including: day care, nursery school, preschool, after-school or senior day care. Watch this video to learn more.