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A flexible spending account (FSA) is a tax-advantaged account that allows employees to use pre-tax dollars to pay for qualified medical (Health FSA) or dependent care expenses (DCAP). During Open Enrollment, you choose how much money you want to contribute to an FSA for the upcoming plan year.
Is DCAP the same as FSA?
A dependent care FSA is an employer-sponsored benefit that helps employees manage expenses associated with caring for a qualified dependent, such as a child or incapacitated family member. Its sometimes called a dependent care assistance plan (DCAP).
Can employees enroll in dependent care FSA mid year?
You need to enroll each year if you want to participate. You may also enroll at other times during the year if you have a family or employment status change.
How does DCAP work?
A DCAP, also called a Dependent Care FSA, allows employees to set aside pre-tax dollars to cover eligible dependent care expenses. These expenses must be necessary to enable the employee (and their spouse, if applicable) to work or actively seek employment.
How to use DCAP funds?
You pay the expense and then submit a receipt to be reimbursed out of your DCFSA/DCAP account for what you spent. To file a claim, youll need the following: Request for Reimbursement (claim form) Dependents name and date of birth.
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You can enroll in an FSA during Annual Flexible Spending Account Enrollment, typically held in the fall of each year.
Related links
DCAP: Tax savings for child and elder care - Benefits - UW HR
How to enroll. View the FSA and DCAP Enrollment Guide and enroll through Workday. Contact UW Benefits if you have questions. Re-enroll in DCAP each year. DCAP
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