In 2021, 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. The company's contribution counts toward the maximum amount that can be contributed to each FSA.
Our Flexible Spending Account (FSA) program is administered by Anthem. Please use the Anthem Reimbursement Form for any Health Care or Dependent Care FSA expenses.
Flexible Spending Accounts (FSAs) allow you to save money by using pre-tax dollars to pay for qualified health or dependent care expenses, including prescriptions, co-pays, deductibles and co-insurance for you, your spouse or eligible dependents, day care services and much more. Even better, Capital One will match the money you put into your FSA, up to the annual maximum. That means free money for you to use to take care of yourself and your family.
Capital One offers you two FSAs—a Health Care FSA and a Dependent Care FSA. The Dependent Care FSA lets you contribute pre-tax dollars to pay for eligible child care services, such as preschool, summer day camp, or child/adult daycare expenses, while you and your spouse/partner are working, looking for work, or attending school full time. View an overview of these two accounts.
Capital One Contribution—Free Money!In 2021, 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. The company's contribution counts toward the maximum amount that can be contributed to each FSA.
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:
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:
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:
Before deciding to enroll in the Dependent Care FSA, compare its tax benefit to the Dependent Care Tax Credit.
Note: The Dependent Care FSA is NOT for health care expenses for you and/or your dependents. It is only used for child care expenses that are necessary for you and/or your spouse to work, look for work, or attend school full time.
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.