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Maximize Your Savings: Understanding Flexible Spending Accounts

Participate in a Flexible Spending Account (FSA) to reduce your tax payments on medical, dental, vision, and daycare expenses incurred between September 1, 2013, and August 31, 2014. You can claim reimbursement by filing a claim with a paper form or using your FSA MasterCard before November 29, 2014. With a minimum contribution of $260 and a maximum of $2,500 for medical expenses, and $5,000 for daycare, it’s crucial to estimate your expenses accurately since FSAs follow a “use-it-or-lose-it” policy. Plan wisely to maximize your benefits!

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Maximize Your Savings: Understanding Flexible Spending Accounts

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  1. Read This About Flexible Spending! By participating in a Flexible Spending Account, you can reduce the taxes you pay If you incur medical, dental or vision expenses, and/or if you have daycare expenses, you might be a candidate for a Flexible Spending Account Only expenses incurred on/after September 1, 2013 and on/before August 31, 2014 are eligible for reimbursement at this time For expenses incurred between September 1 and August 31 – you may claim reimbursement from your flexible spending account by filing a claim with either a paper claim form or your Flexible Spending Account MasterCard between September 1, 2013 and November 29, 2014. Estimate your medical + dental + vision expenses and make an “election” how much you would like to contribute to a medical reimbursement account between September 1 and August 31. The minimum contribution for participants is $260 and the maximum is $2,500. Estimate your dependent daycare expenses and make an “election” how much you would like to contribute to a dependent daycare account between September 1 and August 31. The maximum contribution is $5,000. Remember, Flexible Spending Accounts are “use-it-or-lose-it” - therefore be conservative what you contribute to an account (use flexible spending account only for predictable expenses)

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