Understanding Health Care and Dependent Care FSAs

Flexible spending accounts (FSAs) can help you save money on eligible health and dependent care expenses. Here’s a quick summary of how Health Care FSAs and Dependent Care FSAs work, what they cover, and how you can use them.

Health Care FSA vs. Dependent Care FSA

Health Care FSA:

• A Health Care FSA allows you to set aside pre-tax money for eligible health care expenses
• Covers you, your spouse, and eligible dependents
• Use it for eligible medical, dental, vision, and prescription expenses
• Pay using your FSA payment card. Or submit claims online or on the myCYC mobile app

Dependent Care FSA:

• A Dependent Care FSA allows you to set aside pre-tax money for eligible dependent care expenses
• Covers your eligible dependents
• Use it for child and elder day care while you work, like before- and after-school care expenses, summer day camp, nursery school, and pre-school
• Medical and health care expenses are not eligible
• Pay out of pocket, then submit claims online or on the myCYC mobile app