Dependent Care Flexible Spending Account
Set aside tax-free dollars for dependent care expenses, like daycare, in-home care and day camp.
A Dependent Care Flexible Spending Account (Dependent Care FSA) allows you to deduct money from your paycheck and deposit it into an employer-sponsored account. Dependent Care FSAs are exempt from federal income taxes, Social Security (FICA) taxes and, in most cases, state income taxes. The money in a Dependent Care FSA can be used for eligible dependent care expenses that happen while you are participating in the plan.
What are the benefits of a Dependent Care FSA?
- Enjoy potential tax savings with pre-tax deductible contributions and tax-free reimbursements for qualified expenses. Estimate how much you can save with an FSA with this calculator.
- Quickly and easily access funds using the debit card, or request to have funds directly deposited into your bank account through the website or mobile app.
Additional details
A Dependent Care FSA allows reimbursement of dependent care expenses for eligible dependents, like daycare, in-home care and day camp.
Once you determine how much you want to contribute, the amount will be deducted from your paycheck in equal installments throughout the year.
Be sure to estimate your expenses carefully as money left unspent in your Dependent Care FSA at the end of the year will be forfeited and not carried over to the following year.
Download our mobile app today to manage your account
- Apple: VYA Apple Mobile
- Android: VYA Google Play Mobile
What is a Dependent Care Flex Spending Account (FSA)?
A Dependent Care Flexible Spending Account (Dependent Care FSA) allows you to deduct money from your paycheck and deposit it into an employer-sponsored account. Dependent Care FSAs are exempt from federal income taxes, Social Security (FICA) taxes and, in most cases, state income taxes. The money in a Dependent Care FSA can be used for eligible dependent care expenses that happen while you are participating in the plan.
What are the current IRS contribution limits for FSAs?
The IRS sets contribution limits annually. The 2024 maximum annual FSA contribution limits are as follows: Dependent Care FSA - $2,500 (married and filing separate) and $5,000 (married or single parent).
Will my FSA funds rollover at the end of the year?
Health FSAs are use-it-or-lose-it plans. Some FSAs offer a rollover feature that allows you to roll over up to $610 of unused FSA funds into the following plan year. Check to see if your employer offers this option. It’s important to plan accurately when selecting your contribution amount(s) and to ensure you know if your FSA plan allows a rollover.
Once I request reimbursement, how long does it take for my funds to be available?
In general, if you have a bank account linked to your account this can take as little as 3 business days for the reimbursement to be posted. However, a check can take up to 7 business days to arrive. Reimbursement is dependent on if the claim documentation is approved for FSA and Commuter accounts.
What do I do if my debit card declines or doesn’t work?
Ensure you have activated the card and have logged into the online portal to accept your terms and conditions. Within your profile, confirm you have the correct and most recent card by verifying the last four digits. Check your balance and verify via your activity that there are no pending transactions you have not accounted for. If you are using the card at a retail pharmacy, ensure the item is coded as FSA eligible. Still unable to determine the cause? Contact the Voya Health Account Services team at (833) 232-4673 or [email protected]. to verify the cause and best solution.
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Flexible Spending Accounts offered by Voya Benefits Company, LLC (in New York, doing business as Voya BC, LLC).
This highlights some of the benefits of a Flexible Spending Account. If there is a discrepancy between this material and the plan documents, the plan documents will govern. Subject to any applicable agreements, Voya and its subcontractors reserve the right to amend or modify the services at any time.
The amount saved in taxes will vary depending on the amount set aside in the account, annual earnings, whether or not Social Security taxes are paid, the number of exemptions and deductions claimed, tax bracket and state and local tax regulations. Check with a tax advisor for information on whether your participation will affect tax savings. None of the information provided should be considered tax or legal advice.
