Flexible Spending Accounts (FSA) are a great cost-saving tool to help with dependent daycare expenses and common out-of-pocket medical expenses. You can elect the amount to deduct pre-tax from your paycheck, and use the funds for eligible expenses throughout the plan year. You may enroll either when you are hired or during the annual open enrollment.
You may allocate money on a pre-tax basis to reimburse yourself for qualified medical expenses for you and your family. Qualified expenses include co-payments, medical deductibles, prescriptions, dental work, and much more.
Health FSA Worksheet
Use the following worksheet to estimate your annual out-of-pocket medical expenses. Eligible medical expenses include deductible and coinsurance amounts under a group health plan.
Dependent Day Care FSA
You may allocate up to $5000 per plan year ($2,500 if married filing separately) for reimbursement of expenses for dependent care services such as after-school care and dependent daycare centers if the expenses allow you (and your spouse) to be employed.
If you are interested in participating in either of these flexible spending accounts or want to learn more about all the tax-saving advantages of these accounts, please contact Stephen Tewalt, our American Fidelity representative, at 405-416-8561.