Dependent Care FSA

As a parent or family caregiver, you know the expense of daytime care providers. If you have children under age 13 in daycare, or a disabled family member in need of care, you can set aside money on a pre-tax basis to help cover the associated cost, up to $5,000 per household. 

This account is separate from a Healthcare Flexible Spending Account, which covers medical, dental and vision copays and coinsurance for you and elected dependents. If you do not have daycare expenses for a child or family member, this is not the plan for you. 


Starting with the 2022 plan year, MyChoice Accounts will replace Wex/Discovery Benefits as our plan administrator for the Dependent Care FSA

Links and Resources

2022 - MyChoice Accounts

2021 Information

Important Plan Rules

  • If your employment with loanDepot ends, your FSA eligibility will end on your last date of employment
  • If you have any claims at that time that you have not been reimbursed for, you will have 90 days to submit for reimbursement with Discovery Benefits. Unused funds will be forfeited
  • You can only contribute to a Dependent Care FSA if you and your spouse (if applicable) both work or are full-time students
  • The maximum combined contribution to the Dependent Care FSA per household is $5,000*. This means that if your spouse contributes to a Dependent Care FSA through their employment, the maximum they could contribute would be $2,500 if you also elect to contribute through loanDepot – and your maximum would be the same amount - $2,500.
    • *Employees considered to be highly compensated employees under IRS rules may be subject to a cap on contributions. Please contact for more information
  • Funds cannot be used towards private school tuition, or for care provided by another dependent
  • To be eligible, a disabled family member must be your dependent for tax purposes
  • Expenses must be incurred before they can be reimbursed. Registration fees are not eligible for reimbursement until services are rendered
  • Dependent Care FSA plans are not pre-funded. This means that you can only use what has been accrued via payroll contributions to your account
  • If your child care costs change due to changing providers, enrolling in services or ending services, this will be considered a qualifying life event that will allow you to make changes to your Dependent Care FSA within 31 days of the date of the change.