A dependent care Flexible Spending Account (FSA) is a pre-tax benefit in which you pay for eligible childcare and dependent care expenses that allow you (and your spouse, if married) to work or attend school full-time. Dependent Care FSA is administered by Navia Benefits Solutions. You choose how much to contribute to the Dependent Care FSA for the Plan Year based on your needs. Each pay period, your contributions are automatically deducted from your paycheck in equal amounts - before taxes are calculated - which can save as much as 21% to 41% depending on your tax bracket.
Annual Limits
The Dependent FSA limit is set by the IRS each calendar year.
2024 IRS Annual Limit = $5,000 per household, $2,500 if married and filing separately.
2023 IRS Annual Limit = $5,000 per household, $2,500 if married and filing separately.
Employer Contribution
Bronson matches employee contributions dollar for dollar to the maximum match for their annualized earnings level shown in the chart below. Your contribution and Bronson’s cannot exceed the IRS annual limit.
Common Eligible Expenses
Expenses can be for your dependent children 12 and under, and in some cases elder care, and must be enabling you to work, actively look for work, or be a full-time student. Common expenses include a licensed child care center, preschool, before and after school care, day camps, or having a non-family member watch over your dependent.
For additional questions about Dependent FSA, contact Navia.
For additional childcare resources, visit the Financial Wellness tab.