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A Dependent Care Flexible Spending Account (DCFSA) provides significant savings to employees and employers alike. Employees set aside funds on a pretax basis to spend on qualifying dependent care expenses throughout the plan year. Employers save on payroll taxes for every dollar of employee participation, often enough to cover the plan’s cost.
Why offer a Dependent Care FSA to employees?
Parents with children in full-time child care spend a great deal of money each year, on average it costs:
$15,000 annually for infant care
$11,000 annually for toddlers
$4,400 for after school care
With a DCFSA, working parents can save an average of $100 a month.
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