You can use the FSA calculator on the Capital One online enrollment system to help you determine how much to contribute for the year. Remember: When you elect your contribution amount, you’re selecting the TOTAL amount you wish to contribute for the whole year—including the Capital One match. Then, this amount (minus the match) will be automatically divided into equal amounts to be deducted from each paycheck. You need to elect a target contribution amount of at least $3,000 in one or both FSAs in order to earn the maximum company contribution of $1,000.
When deciding how much to contribute to your FSA, keep the following in mind:
- Consider how much you are likely to spend out of your pocket for health care during the year.
- If you will have eligible dependent care costs (e.g., day care expenses), consider whether your children will start school or reach age 13 in 2020? Do you have a parent or elderly relative living with you who needs supervised care?
- The matching contribution Capital One will provide counts toward the maximum amount that can be contributed to each FSA.
- You'll get a tax break when you use pre-tax dollars from FSAs to pay for expenses you would have to pay out of your pocket anyway.
- Domestic partner expenses are not eligible for reimbursement.
- If you plan on using your Health Care FSA account for orthodontia or similar services, please contact Delta Dental to discuss reimbursement eligibility.