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Flexible Spending Accounts. Taxed by medical expenses? Open an FSA. Flexible Spending Accounts. What is an FSA?
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Flexible Spending Accounts Taxed by medical expenses? Open an FSA.
Flexible Spending Accounts What is an FSA? A flexible spending account (FSA) allows you to put money aside to pay for certain out-of-pocket health care and dependent care costs. You do not pay taxes on this money, so it’s additional money in your pocket, less to Uncle Sam.
Flexible Spending Accounts What is available to me under an FSA? • Health Care FSA • Dependent Care FSA
What are the differences? • Health Care FSA – Reimburse yourself for copays, dental work, eye glasses, hearing aids, prescriptions and more. • Dependent Care FSA – day care and after- and before-school care
LET’S GO ON VACATION!DEBBIE SAVED $1,312 “With two children, ages 5 and 7, my health care and day care expenses can add up very quickly. Since I started contributing to my FSA, I’ve saved over a thousand dollars on everything from prescriptions and doctors’ visits to contact lenses.” STRAIGHT TEETH – LET’S TAKE SOME PROFESSIONAL PHOTOGRAPHS! LIZ SAVED $845 “Braces are so expensive, especially for the third time around. But with my FSA, I was able to save hundreds of dollars.”
I HAVE MY ALLERGIES UNDER CONTROL; LET’S GO GOLFING!TYLER SAVED $495 “I travel the world for my job, and it seems like it’s allergy season everywhere I go. After signing up for an FSA, I have been able to pay for over-the-counter products, copays and allergy shots with my pre-tax funds. With the money I’ve saved, I didn’t lose out on the opportunity to buy new golf clubs!” MY TRIO! LEAH SAVED $1,473 “Day care expenses are extraordinary for my family of three little ones. Being able to pay for part of this expense with my FSA dependent care pre-tax account is great! With our tax savings of over $1,400, we bought a new jungle gym for the back yard.”
I’m ready! Next steps? Health Care FSA – Consider your out-of-pocket expenses for medical, vision or pharmacy charges. Don’t forget dental. You may set aside up to $2,500 each plan year. Dependent Care FSA – Consider any day care, nanny services, and before- and after-school day care costs. You may set aside up to $5,000 per year (per household, married filing a joint tax return).
Let’s enroll! You may open a flexible spending account each Open Enrollment. Open Enrollment for the 2014-15 plan year opens on April 28 and ends at 5 p.m. May 16, 2014. Complete your enrollment online via the employee portal, my.cu.edu.
