Deloitte offers Dependent Day Care FSA - 5K per year pre tax dollars for day care. We are planning for a family. Should I start contributing to this or is it yearly thing that must be used? Any inputs

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You can’t do it until you have a dependent but def contribute once you do. It is yearly so you have to spend it in the year you save it. Think of an FSA vs HSA in healthcare - can’t roll over the FSA. If you are planning a family, start saving more in your HSA. You can invest it and it rolls over and your healthcare costs will increase with pregnancy, baby, toddler, etc.

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The thing that is unfriendly about the childcare FSA is that you have to pay for childcare while also contributing to your FSA and then reimburse yourself through the FSA. This is why it is not a great benefit for a lot of people without a ton of disposable extra income. Def need better childcare benefits in the US!

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P.S. it can only be used for daycare or preschool tuition but not private school once they enter Kindergarten. But it can be used to pay for summer camps and backup care so it’s still useful when kids are older.

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Following.

Also you can not use it for reimbursements for childcare while you are on parental leave. There cannot be a parent at home.

You should do it! Cap of 5K will easily be used and you can either have it reimburse you or pay your provider directly. Do remember to do the paperwork though because there is no rollover/refund.

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