In addition to the Health Care FSA, you may opt to participate in the Dependent Care FSA as well—whether or not you elect any other benefits. The Dependent Care FSA allows you to set aside pre-tax funds to help pay for expenses associated with caring for elder or child dependents. Unlike the Health Care FSA, reimbursement from your Dependent Care FSA is limited to the total amount that is deposited in your account at that time.
-With the Dependent Care FSA, you are allowed to set aside up to $5,000 to pay for child or elder care expenses on a pre-tax basis.
-Eligible dependents include children younger than the age of 13 and dependents of any age who are incapable of caring for themselves.
-Expenses are reimbursable as long as the provider is not anyone considered your dependent for income tax purposes.
-In order to be reimbursed, you must provide the tax identification number or Social Security number of the party providing care.