The Dependent Care Flexible Spending Account (FSA), administered through Optum Financial, allows you to set aside pre-tax dollars from each paycheck to pay for out-of-pocket dependent daycare expenses (not medical expenses for your dependents—refer to Healthcare FSA). Since you do not pay federal income or Social Security taxes on your Dependent Care FSA contributions, you save money on taxes.
When you enroll in a Dependent Care FSA, you choose the amount you want to contribute to your account for the year. This annual contribution will then be divided into equal amounts that will be deducted pre-tax from each paycheck and deposited into your Dependent Care FSA throughout the year. You can’t change your contribution amount until the next Open Enrollment period unless you have a Qualified Life Event. The amount you contribute to your account must fall within the annual limit.
2022 annual Dependent Care FSA limits:
Your dependent care FSA is used to pay for dependent care services while you are at work or attending school full time. You decide how to spend your Dependent Care FSA dollars on eligible expenses. Eligible expenses include daycare expenses for your children age 13 and under, and for dependents of any age who are mentally or physically disabled. Eligible expenses include:
Pay for these expenses yourself and keep your receipts and/or statements as you’ll need them to file a claim for reimbursement. You can find a full list of eligible expenses here or by going to Optum Financial.
To access your account funds, submit an online claim at www.connectyourcare.com/jetblue or on the Optum Financial mobile app along with an itemized statement that includes the dependent’s age and the daycare provider’s Taxpayer Identification Number. After your claim is processed, you’ll be reimbursed for these expenses with money from your Dependent Care FSA.
Important: To be reimbursed for eligible expenses, you must have enough money in your account to pay your claim.
You have until December 31, 2022, to incur expenses in your Dependent Care FSA or you’ll lose any remaining balance. You may not carry forward any unused dollars into 2023. It’s important that you estimate your contribution carefully when you enroll in a Dependent Care FSA so you can avoid losing money. Claims for 2022 expenses can be submitted through March 31, 2023, through Optum Financial.
