Before deciding your dependent care FSA election (the total amount you want to put into your account), think about your expenses for the upcoming year. Assess how much you have spent this year on child or elder-care expenses. How much will you spend next year? Use our online FSA savings calculator to estimate your upcoming dependent care FSA eligible expenses.
Taking time to plan your upcoming dependent care expenses will save you money in the long run. You cannot change your election amount after your open enrollment period ends unless you have a change in status event.
Keep in mind that IRS rules for Section 125 plans (the rules that apply to FSAs), state that you must use your dependent care FSA funds within the plan year. If you don’t use all of your FSA funds, they don’t carry over to the following year and can’t be returned to you. Funds that remain in your FSA will be forfeited after your plan year ends.
Go to our Dependent Care FSA Participant Guidelines page for more details.
It’s easy to enroll in an FSA. You’re just three steps away: