You can elect a Dependent Care FSA if you and your spouse are working, looking for employment, or are in school full-time. Money you contribute to a Dependent Care FSA can be used for the care of a child(ren) under age 13 or for a physically/mentally disabled dependent.
You may reduce your salary by an amount ranging from $300 to $5000 per year and apply that amount instead, on a pretax basis, to a dependent care spending account in your name. You may then use those dollars to cover the cost of qualifying childcare, eldercare, or care of other legal dependents. Any unspent funds as of Dec. 21, 2013 will be forfeited. You may enroll at the time of hire or during the annual Benefits Open Enrollment period. Under the law, if both parents work for Georgia State, the combined maximum for both individuals cannot exceed $5000. Discovery Benefits administers Dependent Care Flex claims. Note: Setting up a Dependent Care FSA can save you substantial tax dollars on predictable dependent care costs. However, be careful how you plan and use this benefit. Any unspent funds left in the account after the end of the plan year must be forfeited.