If you have a child or disabled loved one, you might rely on services like day care or home aide to be able to go to work and provide for your family. Lessen the financial burden of these necessary services, while being able to better afford the best-in-class care your loved one deserves, by enrolling in a dependent care flexible spending account (DCA).
Because the account is funded from pre-tax payroll deductions, contributions you make to a DCA can help you save up to 30% on the costs associated with the daily care of an eligible child, elderly parent, or other dependents that are unable to care for themselves.
Eligible expenses include:
With a DCA, you will be reimbursed only for expenses that are covered by your current account balance. If you incur expenses that exceed your account balance, you will be reimbursed gradually as funds become available in your account.
Items to note:
How much should I contribute?
We recommend taking a look back at your expenses over the last year and making an estimate based on that total.
How much am I allowed to contribute?
The annual limits are set by your employer. However, the IRS has set the following maximums:
$5,000 for a married couple, filing jointly
$5,000 for a single parent
$2,500 for a married person, filing separately
Quickly and conveniently pay for eligible expenses, without the hassle of filing a manual claim. With the MyAmeriflex Card, you can access your DCA funds instantly when you swipe your card at eligible merchants. In most cases, this eliminates the hassle of having to verify the eligibility of an expense later on.
Convenience and award-winning customer service – right at your fingertips! With the MyAmeriflex Mobile App, you can access your account from anywhere. Check your balance, file a claim, or check on the status of a reimbursement, all from your mobile phone.
Account management just got easier. By logging into MyAmeriflex, you can gain access to resources aimed at helping you maximize the value of your DCA plan. In addition to managing all aspects of your account, you can also access interactive how-to’s, spending calculators, and more.