Dependent Care Flexible Spending Account (FSA)
Use pretax dollars for child care costs.
Key offers a Dependent Care Flexible Spending Account (FSA) Plan 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 FSA. Employees decide how much to contribute to the FSA 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Funds are withdrawn automatically from each paycheck for deposit into the Dependent Care FSA before taxes are deducted.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 FSA at the end of the plan year cannot be carried over to the next plan year.