Friday, December 9, 2016

FSA: Just 4 More Days to Sign Up

Put more money in your pocket! With a Flexible Spending Account (FSA), you can save on a wide variety of everyday medical, dental, vision and day care expenses.

The average person will save on taxes about 30 percent of the amount they contribute to an FSA each year. For example, a Postal Service employee contributing $2,000 to an FSA account will save approximately $600 on taxes. That’s like receiving a 30 percent off coupon!

It’s a tax break that’s simple to use and works for all employees eligible for FEHB (whether or not you participate in FEHB). You’re likely to have out-of-pocket medical and/or dependent care expenses. Why pay more in taxes than you have to?

You can contribute up to $2,600 into a Health Care FSA to cover out-of-pocket health, dental and vision costs. And new for the 2017 benefit period, if you don’t use the full amount, you can carry over up to $500 into the next year.

You can also contribute up to $5,000 to a Dependent Care FSA to cover day care expenses for children under age 13.

Employees may enroll in an FSA during Open Season now through December 12, 2016.

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