Why Offering a Dependent Care FSA Plan Matters
For many families, the cost of providing quality care to dependents is a significant monthly expense.
An employer-provided Dependent Care Flexible Spending Account (FSA) — also known as a Dependent Care Assistance Program (DCAP) — gives employees the option of paying for these expenses with pre-tax funds, effectively saving them money while they’re at work providing for their loved ones.
If designed and administered the right way, a company’s Dependent Care FSA can help reduce employee stress and increase their workplace engagement — as well as their loyalty to the employer. That’s why so many companies across the U.S. use Optum Financial as their Dependent Care FSA administrator.
Why Employers Love Optum Financial Dependent Care Plans
Optum Financial provides full transparency, easy account management, and customizable online reporting tools for each of the plans we offer.
We make it easy for you to offer dependent care benefits to your employees as part of an attractive benefits package, while we do the heavy lifting.
Optum Financial’s solution was developed to process all health and dependent care account transactions at a single point, with the goal of providing you and your employees with the control, flexibility and compliance you need.
You’ll always have the most up-to-date account information across all the plans your company offers.
Your company benefits from our expert, dedicated account support, proven implementation methodology and the expertise of our team of seasoned industry professionals.
What’s more, you’ll have the use of targeted communications geared to ease implementation, promote a deeper understanding of the plans you offer, boost enrollment, and increase the overall satisfaction of your employees.
Participants can easily submit dependent care claims with our mobile app or by uploading them online with our Participant Portal. Alternatively, participants may also send in documentation with a cover sheet by fax or U.S. mail.
The Buying Power of a Dependent Care FSA
Day care and preschool
Au pair and babysitter
Before- and after-school care
Visit our Dependent Care FSA Eligible Expenses page for details.
Not only can employees pay for qualifying dependent care expenses with pre-tax money, but every dollar set aside into the dependent care account also reduces how much they pay in income taxes. Now that’s a win-win.
The Optum Financial Difference
Support Available Any Time. Literally.
Tailored Communications to Improve Enrollment
Year-round communication is an integral aspect of enrollment and employee education. Our 360° Connect program provides tailored communication services that simplify things for you, engage your employees, and drive account enrollment. In fact, clients using 360° Connect have enjoyed up to a 29% increase in account enrollment.
Our advanced reporting platform gives you account insights you need to know what’s resonating with employees and where to make strategy adjustments. When you understand how the plans your company offers are being utilized, you can be confident that employees are making the best possible choices for themselves and their families.
Better Dependent Care Benefits
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On March 11, the American Rescue Plan Act (ARPA) of 2021 was signed into law. As a result, temporary provisions have been announced that apply to COBRA, as well as Dependent Care Assistance Programs (DCAPs)—also known as Dependent Care Flexible Spending Accounts (FSAs). Read on for a brief summary of these provisions.
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