Whether you’re caring for a child or an adult, a Day Care Flexible Spending Account [PDF] can help you save money. The account allows you to put aside up to $5,000 in pre-tax dollars to pay for day care expenses for eligible family members, so that you can work. Learn more
If you maximize your account, you can save between $500 and $2,000 in taxes each year, depending on your tax bracket. Calculate my DCFSA tax savings.
Check out Health Equity’s webinar “DCFSA: Turn caregiving into tax saving” to discover what expenses are covered and strategies to maximize your annual savings.
In general, you can use your Day Care Flexible Spending Account to reimburse yourself for day care expenses that allow you (or you and your spouse) to work, look for work, or go to school full-time. Eligible expenses include:
If your spouse also works and is eligible for a Day Care Flexible Spending Account through their employer, you are limited to contributing $5,000 per household to a Day Care Flexible Spending Account.
You can enroll during annual open enrollment or if you have a qualifying life event by visiting the U.S. Benefits Enrollment Site.
If you have a stay-at-home spouse or partner, you can’t participate in a Day Care Flexible Spending Account.
You can now pre-load your Day Care Flexible Spending Account with pre-tax dollars before going on a leave of absence. Fund a portion, or the total amount, prior to going on leave to take full advantage of this benefit. For more info, call our Benefits team at 1-844-807-7600 or email to nvidia-benefits@nvidia.com.
If you are enrolled in a Day Care Flexible Spending Account and go on a leave of absence, your contributions will stop. You will need to re-enroll when you return by visiting the Benefits Enrollment Site and submitting a “Returning from Leave: Update your Day Care FSA Deduction” life Event.
You may receive reimbursement for eligible expenses up to the amount in your account at the time you submit your claim. Expenses can be incurred through the end of the plan grace period (March 15), and you have until June 15, to submit claims for the 2022 plan year.