Key offers a Dependent Care Spending Account to save on child care expenses by using tax-free funds to pay for dependent care services.
Key allows eligible employees who work 20 or more hours per week to use pretax dollars to pay for eligible dependent care expenses, such as child care, through the Dependent Care Spending Account. Employees decide how much to contribute to the account during Open Enrollment up to an annual maximum based on your earning classification.
Funds are withdrawn automatically from each paycheck for deposit into the Dependent Care Spending Account before taxes are deducted.
Employees pay for dependent care expenses and then can submit claims for reimbursement on the Health Equity | WageWorks website or via mobile app. This program is administered by Health Equity | WageWorks.
Funds are “use it or lose it,” meaning the balance in the account at the end of the plan year cannot be carried over to the next plan year.