watch now
Dependent care FSA
HOW TO USE AN HSA
[Caring for your loved ones]
Caring for your loved ones.
[Spending money wisely]
Spending money wisely.
[Optum Bank Dependent Care Flexible Spending Account]
That’s the heartbeat of the Optum Bank Dependent Care Flexible Spending Account.
[Income Tax-Free]
[Children Under 13]
[Dependent Adults]
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.
[Payroll deduction]
[Before taxes]
Your account is funded by payroll deductions before taxes.
That money may help pay for a variety of services, including:
[Day Care]
Day Care
[Nursery School]
Nursery School
[Preschool]
Preschool
[After-School]
After-School
[Senior Day Care]
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.
[Use it or lose it]
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.
[$10,000]
[$5,000]
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.
[OptumBank.com]
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.
[Benefit Information]
Check your benefit information to see if you’re eligible.
[Optum Bank Dependent Care Flexible Spending Account]
The Optum Bank Dependent Care Flexible Spending Account.
[Spending money wisely – income tax-free -- for those who matter most!]
Spending money wisely – income tax-free -- for those who matter most!
[OPTUMBank]
[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.]
[©2018 Optum Bank, Inc. All rights reserved. 76790-072018]
With an Optum Bank dependent care flexible spending account, you can save for day care, child care, nursery school and preschool tax-free. If you are working, you are able to use your account to pay for the care of your child under the age of 13 or to care for qualifying dependent adults, like elderly parents, who can’t care for themselves.
You can enroll in a dependent care FSA as long as you and your spouse are working, looking for work or are a full-time student. With a dependent care FSA, you choose how much to contribute, up to a maximum of $5,000 per household, per year. Your employer deducts this amount from each paycheck, before taxes. You don’t have to pay federal, state or payroll taxes on the money credited to your account, although a couple of states do tax contributions. You save money as you lower your income taxes.
