Overview

Capital One offers two flexible spending accounts (FSAs) – a Health Care FSA and Dependent Care FSA – administered by Anthem. Both FSAs allow you to save money by using pre-tax dollars to pay for qualified health or dependent care expenses.

Capital One contributes to your FSA – free money!

Capital One will match $0.50 of every $1 you contribute to your FSAs, up to $500, in both the Health Care FSA and the Dependent Care FSA. That means free money for you to use to take care of yourself and your family!

Note: Capital One’s contribution counts toward the maximum annual amount that can be contributed to each FSA.

 

Health Care FSA

A Health Care FSA is available to associates who enroll in the Basic PPO, Enhanced PPO, or Premium PPO, or do not elect medical coverage. You can contribute up to $2,750 for the year through pre-tax payroll deductions to help cover eligible medical, dental, and vision expenses.

How the Health Care FSA works

Choose

Choose your contribution amount when you enroll. You can only change it during the year if you experience a qualifying life event, so estimate carefully.

Contribute

Your annual contribution will be divided into equal payroll deductions, but the entire amount is available to you from the beginning of the plan year.

Spend

Spend your money by using your FSA debit card, or log in to anthem.com/capitalone to request reimbursement for payments you’ve made.

Carry Over

Up to $550 of unused money may be carried over to the next year; amounts above $550 will be forfeited, so be sure to use it up!

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How to use your Health Care FSA

You can use your FSA debit card to pay for qualified expenses, and money will be deducted directly from your Health Care FSA, or you can pay for qualified expenses out of pocket and ask to be reimbursed.

You can easily manage your account online. Log in to anthem.com/capitalone or use the Anthem Sydney mobile app to:

  • Check your balance
  • Track your claims and FSA spending
  • Submit claims (click on Spending then Manage your account)
  • Request reimbursements and upload receipts
  • Provide substantiation when necessary
Submit claims by April 30, 2021

You have until April 30, 2021, to submit eligible claims to Anthem. If you do not submit eligible claims by the April 30 deadline, you will not receive reimbursement.

Carry over your FSA money!

Based on IRS rules, FSAs are "use-it-or-lose-it" accounts. That means you'll lose any money left in the 2021 account after the claim deadline (April 30, 2022), so it's important to carefully estimate your contribution amount for the year. You may roll over up to $550 from your 2021 Health Care FSA if you re-elect the Health Care FSA in 2022. If you do not enroll in a Health Care FSA in 2022 or if you have funds in excess of $550, those funds will be forfeited after the claim deadline.

Save your receipts

When you use your FSA debit card, be sure to keep all of your receipts (or statements). Many transactions will be approved automatically. If a match is not found, Anthem will ask you up to three times to provide back-up documentation for a charge. If you do not respond, your debit card will be deactivated until you provide documentation or repay the claim. Additionally, unsubstantiated amounts spent will be reported as taxable income on your IRS W-2 Form.

Cover your dependents’ expenses

Your eligible dependents’ expenses are eligible for reimbursement under the Health Care FSA, even if your dependent(s) is not covered under your medical, dental, or vision plan. To access a complete list of eligible expenses, visit qme.anthem.com.

Note: Due to IRS regulations, a domestic partner’s expenses are not eligible for reimbursement.

Orthodontia expenses

Anthem allows reimbursement for pre-paid scheduled payments under an orthodontia contract. The payment must have been made while you were covered under the Health Care FSA. If there is coverage under any dental plan, payment from the FSA will be reduced by the amount paid by the dental coverage. Please note that orthodontia differs from other dental procedures that require the actual service to be performed within the coverage period, regardless of when payment is made.

Submit orthodontia expense for reimbursement.

Learn More.

If you leave Capital One

If you leave Capital One, you may elect to continue your participation in the Health Care FSA on a post-tax basis for the remainder of the calendar year under COBRA. If you do not continue your participation under COBRA, any amount left in your account will be forfeited if you do not have any eligible expenses incurred prior to your termination date.

 

Dependent Care FSA

A Dependent Care FSA is available to all associates. You can contribute up to $5,000 for the year through pre-tax payroll deductions to help cover your eligible dependent care expenses, including child care for children up to age 13 and care for dependent elders.

How the Dependent Care FSA works

Choose

Choose your contribution amount when you enroll. You can only change it during the year if you experience a qualifying life event, so estimate carefully.

Contribute

Your annual contribution will be divided into equal deductions from each paycheck. You can only use money that has been deposited into your account.

Spend

Log in to anthem.com/capitalone to request reimbursement for payments you’ve made.

Use It Up

You have until March 15 of the following year to use up your funds. After March 15 you’ll forfeit any unused money, so be sure to use it up.

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How to use your Dependent Care FSA

You can use your FSA debit card to pay for qualified expenses, and money will be deducted directly from your Dependent Care FSA, or you can pay for qualified expenses out of pocket and ask to be reimbursed.

You can easily manage your account online. Log in to anthem.com/capitalone or use the Anthem Sydney mobile app to:

  • Check your balance
  • Track your claims and FSA spending
  • Submit claims (click on Spending then Manage your account)
  • Request reimbursements and upload receipts
  • Provide substantiation when necessary
Use your funds until March 15 of the following year

You can still use leftover 2020 funds for eligible Dependent Care FSA expenses up until March 15, 2021. You have until April 30, 2021, to submit eligible claims to Anthem. If you do not use the money by this date, it will be forfeited per IRS rules.

Save your receipts

When you use your FSA debit card, be sure to keep all of your receipts (or statements). Many transactions will be approved automatically. If a match is not found, Anthem will ask you up to three times to provide back-up documentation for a charge. If you do not respond, your debit card will be deactivated until you provide documentation or repay the claim. Additionally, unsubstantiated amounts spent will be reported as taxable income on your IRS W-2 Form.

Important reminders

The Dependent Care FSA is NOT for health care expenses for you and/or your dependents. It is only used for child care or adult day care expenses that are necessary for you and/or your spouse to work, look for work, or attend school full time.

  • If you are married: You may only submit for dependent care expenses that allow you and your spouse to work or so you can work full time while your spouse goes to school full time. Note: If your spouse is a stay-at-home mother/father, for example, and you send your child(ren) to pre-school, camp, or day care, you are not eligible for this benefit per IRS regulations.
  • If you are divorced or separated: Work-related expenses of the custodial parent are eligible for reimbursement, even if the custodial parent does not claim the child as a tax dependent. Work-related child care expenses of a non-custodial parent are not eligible for reimbursement, however, even if the child is claimed as a tax dependent.
If you leave Capital One

If you leave Capital One, you may file for reimbursement of eligible Dependent Care FSA claims incurred anytime in the calendar year (even after your termination date), as long as you file by the April 30 deadline.

 

Compare the Accounts

  Health Care FSA Dependent Care FSA
Available with …
Basic PPO
Enhanced PPO
Premium PPO
(Also available if you don’t elect medical coverage through Capital One)
Your employment at Capital One
Receive company contribution Yes ($0.50 for every $1.00 you contribute, up to $500) Yes ($0.50 for every $1.00 you contribute, up to $500)
Change your contribution amount anytime No Yes, but only if you experience a qualified life event that changes your child care costs. See the Life Events page for details.
Access your entire annual contribution amount as needed Yes No
Access only funds that have been deposited No Yes
Use account money for… You and your family members’ eligible medical, prescription drug, dental, and vision expenses incurred January 1, 2020, to December 31, 2020 Eligible child and/or adult day care expenses incurred January 1, 2020, to March 15, 2021
“Use it or lose it” at year-end Yes (Carry over up to $550) Yes