Everything You Should Know About the Dependent Care Flex Spending Account

Saving money on your childcare expenses is getting ready to get easier for service members and their spouses. The new Dependent Care Flex Spending Account is starting soon and can help you save pre-tax dollars to pay for your childcare expenses each year, but how does it all work, and when does it start?

In this episode, Jennifer Walker, a Marine Corps veteran and the Executive Director for Dependent Care Flexible Spending Accounts for the Office of the Under Secretary of Defense (Personnel & Readiness), gives us a rundown on everything we need to know about how the program works, who it’s for, how much you can save, and a whole lot more.

Jennifer is responsible for directing the implementation of DCFSA for service members. With a background in technology, her assignment prior to this was as the Deputy Director for Customer Relationship Management at the Defense Manpower Data Center (DMDC). She was responsible for direct management and day-to-day oversight of DMDC’s program, acquisition, financial, customer service, and portfolio management functions. DMDC has an annual budget of over $400M and supports multiple major programs, including worldwide operations of identity management services delivered by RAPIDS (Real-time Automated Personnel Identification System) and benefits and entitlements services provided by DEERS (Defense Enrollment Eligibility Reporting System).

Dependent Care Flex Spending Account Episode Details

 

  • What the new Dependent Care Flexible Spending Account (DCFSA) is, and how it helps service members and spouses
  • When the enrollment period and program start
  • How the DCFSA works
  • Who qualifies for the DCFSA
  • The requirements to be able to use the program
  • Key dates to know about enrollment and funds availability
  • What the program covers
  • Things to be aware of that can have a negative impact on your finances
  • The qualifying life events that allow enrollment outside the open season
  • How to file claims and get reimbursement
  • Resources you can use for more information

 

Related podcast: Financial Readiness for Service Members

 

Everything You Should Know About the Dependent Care Flex Spending Account Resources

Related: How to Get Free Financial Help

 

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