A dependent care FSA is a great way to save funds for eligible childcare and adult-care expenses. Eligible expenses can be used for:
- Childcare for your eligible dependent under age 13 and
- Care for a spouse or dependent unable to take care of him/herself.
To use your funds, you must be working. If you are married, your spouse must either be working, looking for work, a full-time student or incapable of self-care. Funds become available as they are deducted from your paycheck and deposited into your account. In other words, you do not have your entire yearly pledge available to use on January 1 as you do with a medical FSA.