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.

Capital One will match $0.50 of every $1 you contribute to your FSAs, up to a combined maximum company contribution of $1,000 each year between the Health Care FSA and Dependent Care FSA. The company's contribution counts toward the maximum amount that can be contributed to each FSA.

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.

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

If you have a DCFSA and your dependent care provider will accept it, you can use your FSA debit card to pay for those services. Hold onto your receipts because you’ll need to submit them for debit card swipes for DCFSA expenses.

Manage your account online by logging in at anthem.com/capitalone or using the Anthem Anywhere mobile app. You can:

• Track your claims and FSA spending.
• Request reimbursement (see details below).
• Check your balance.

Plan carefully so you use all of the money in your FSA by the end of the plan year. If you don’t use the money, you could lose it.

Expenses you or your eligible dependents have are eligible for reimbursement under the FSA, even if your dependent(s) is not covered under your medical, dental or vision plan. Only expenses you have while employed and during the plan year in which you made the contribution may be reimbursed. Due to IRS regulations, a domestic partner’s expenses are not eligible for reimbursement.

To receive reimbursements:

• You can use your Health Care FSA debit card for all eligible health care expenses wherever it is accepted.
• Add a manual claim through anthem.com/capitalone by clicking on Spending Accounts then Manage your account.
• You can also submit a receipt with the Anthem Sydney mobile app – just snap a picture and upload it!

The Dependent Care FSA lets you contribute pre-tax dollars to pay for eligible dependent care services, such as preschool, summer camp, or child/adult daycare expenses, while you and your spouse/partner are working, looking for work, or attending school full time.

To receive reimbursements:

• If you have a Dependent Care FSA and your dependent care provider will accept it, you can use your FSA debit card to pay for those services. Hold onto your receipts because you’ll need to submit them for debit card swipes for Dependent Care FSA expenses.
• Add a manual claim through anthem.com/capitalone by clicking on Spending Accounts then Manage your account.
• You can also submit a receipt with the Anthem Sydney mobile app – just snap a picture and upload it!

Before deciding to enroll in the Dependent Care FSA, compare its tax benefit to the Dependent Care Tax Credit. Generally, the Dependent Care FSA saves you more in taxes, but it depends on your income. For assistance deciding which provides more savings for you, consult an accountant or tax advisor.

Note: The Dependent Care FSA is NOT for health care expenses for you and/or your dependents. It is only used for dependent 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.