Calculate Your Flexible Spending Account Savings

A Dependent Care Flexible Spending Account (DCFSA) lets you use pre-tax money to pay for care services like daycare, after-school programs, babysitting, or elder care. It helps cover the cost of care needed so you (and your spouse, if filing jointly) can work, look for work, or attend school full-time.

A Health Savings Account (HSA) is a tax-free account for medical expenses. To use an HSA, you must be enrolled in a high-deductible health plan (HDHP). HSA funds roll over year to year and stay with you, even if you change jobs or insurance.

The FSA contribution amount is the total pre-tax dollars you plan to set aside in a General Purpose or Limited Purpose FSA for the year. This money is usually deducted from your paycheck before taxes are taken out.

The recommended annual dependent care FSA contribution amount based on your expected eligible out-of-pocket expenses for all dependent care expenses.

The limit for FSA or DCFSA contributions is set by the federal government. Please note that your employer is able to set a custom limit and this amount could be lower than the federal limit. For the latest information on contribution maximums, check out Lively’s FSA Guide.

The amount you could save in federal and state (if applicable) income taxes for the year by contributing the recommended FSA or DCFSA contribution amount. We use your annual income, state, and filing status to calculate your projected tax savings.

This depends on your employer. If any funds remain in your General Purpose FSA at the end of the current plan year, your employer may either allow you to roll over up to $610 for 2023 or $640 in 2024 of your FSA savings to the following plan year or give you a 2 ½ month grace period following the end of the plan year during which you can use any remaining funds. A Dependent Care FSA plan allows for a reasonable time for you to submit claims after the plan year-end, but all dependent care expenses must be incurred by plan year-end. Learn more about FSA rollovers.

With an FSA, you can use pre-tax money to pay for qualified healthcare expenses that are not covered by insurance. The tax savings gives you more buying power and helps you be prepared to pay for out-of-pocket expenses.

You can use a General Purpose FSA for qualified medical, dental, and vision expenses. You can use a Dependent Care FSA for qualified care expenses, like child or adult daycare. Limited Purpose FSAs are only used for qualified dental and vision expenses. View a searchable list of all eligible expenses for each plan type.

A Dependent Care FSA (DCFSA) is a pre-tax benefit account used to pay for childcare, custodial care, and elderly care services. It helps individuals pay for services so they can work when they would otherwise need to be at home fulfilling caretaking duties. Learn more about DCFSAs.

A Limited Purpose FSA (LPFSA) is a tax-advantaged benefit that allows employees to set aside pre-tax money for qualified dental and vision expenses. You can contribute to an LPFSA and an HSA at the same time. Learn more about LPFSAs.