The funds in your Dependent Care FSA are use-it-or-lose-it, so it’s important to accurately estimate your upcoming expenses. Remember, you must spend the entire balance for the plan year or forfeit any remaining funds. You’ll choose your contribution amount when you enroll during your employer’s open enrollment period. Keep in mind that some plans o昀昀er a Grace Period, which allows for extra time to incur new claims against your remaining balance. How to use a Dependent Care FSA Before Open Enrollment To do: Before your employer’s open enrollment period, take time to accurately estimate your upcoming expenses. Use that estimate to identify a Estimate upcoming contribution amount. dependent care During the plan year expenses During the plan year, you will be able to quickly and easily make payments Identify an annual for eligible expenses using pre-tax dollars. election amount Unlike Health FSAs, the funds are available as they are contributed and the Enroll in your plan annual election amount will not be available for you to spend right away. You will fund the account with equal, tax-free deductions throughout the year—one in each paycheck. You’ll use just one debit card to pay, whether you have one Voya Financial Make pre-tax 昀氀exible spending account or multiple accounts. Receipts are required, contributions and you’ll be able to submit them using the online portal or mobile app. Pay for eligible expenses If you forget or are unable to use the card, don’t worry; you can still get Submit receipts reimbursed. Simply add a bank account to your account pro昀椀le and use the app or online portal to request a direct deposit. Get reimbursed At the end of the plan year At the end of the plan year, you’ll review your actual expenses and re-enroll. Make sure you’ve spent Use the mobile app or online portal to monitor your account and ensure your balance you’re on track to spend all of your funds. Then, consider whether you spent more or less than your total contribution Review your estimated amount. Was your contribution too small? Or too much? vs. actual amounts Use that information to update your annual contribution as you re-enroll, Re-enroll during your employer’s next open enrollment period.