What's the difference between Health Care and Child & Elderly Care FSAs?
Here are the primary ways a Health Care FSA and a Child & Elderly Care FSA differ:
|Health Care FSA||Child & Elderly Care FSA|
|Funds are preloaded at the beginning of the year||Funds are loaded throughout the year|
|Funds can be spent for out-of-pocket health care expenses for an employee and their eligible dependents (those on the employee's tax return)||
Funds can be used for only non-medical types of care for dependents, e.g., day care or custodial care, that allows an employee to work or look for work.
Thank you for the feedback!