I would like to remind everyone of what I consider an Open Season No Brainer every year.
Flexible Spending Accounts are a huge tax savings and it literally costs you nothing in the end.
I saved almost $800.00 in Federal Taxes this year by contributing to the Flexible Spending health care account.
They also offer an account for child care expenses.
HERE IS THE BASICS ON HOW IT WORKS
You pick an amount per year you want to have put in to your Flexible Spending Account (FSA) they divide that into an equal deduction all 26 pay periods. There is a minimum amount you can put in, not sure on that number, and a maximum amount, last year was around $2600.00.
The money comes out of your pay check pre-tax, example = you make $52,000 per year but put $2000 in an FSA you pay tax on $50,000
This money, in the FSA Health Care account can be used for Dental Expenses, Vision Expenses- Eye Exam, Glasses, Contacts, Lasic Surgery, etc, Medical Appointments, Co Pays, Psychiatrist Care, Anxiety Treatment, Chiropractic Care, Prescription Medicines and Co Pays
( Not sure about Medical Marijuana for you Colorado and California Residents)
When you have a covered expense you pay it and they reimburse you out of your account.
Last year they went to a program where if they work directly with your health care provider, you don't even need to submit paper work and they can automatically deposit the reimbursement into your bank account. I wasn't sure if I liked this idea at first but it worked well and I was pleasantly surprised.
They will even reimburse you even if you have a larger expense early in the year and you haven't had that much deducted from your pay yet.
No I am not a shill for the FSA, I am a Rural Carrier who has saved more than a whole years salary in taxes by taking advantage of this program over the years.
I believe this is only available to career employees, but I'm not sure.
I don't know anyone who would not benefit from an FSA, I suppose if you were uber healthy, never went to the Dentist and had perfect vision then maybe it wouldn't. But I don't know anyone that fits that description at the Post Office.
Flexible Spending Accounts are a huge tax savings and it literally costs you nothing in the end.
I saved almost $800.00 in Federal Taxes this year by contributing to the Flexible Spending health care account.
They also offer an account for child care expenses.
HERE IS THE BASICS ON HOW IT WORKS
You pick an amount per year you want to have put in to your Flexible Spending Account (FSA) they divide that into an equal deduction all 26 pay periods. There is a minimum amount you can put in, not sure on that number, and a maximum amount, last year was around $2600.00.
The money comes out of your pay check pre-tax, example = you make $52,000 per year but put $2000 in an FSA you pay tax on $50,000
This money, in the FSA Health Care account can be used for Dental Expenses, Vision Expenses- Eye Exam, Glasses, Contacts, Lasic Surgery, etc, Medical Appointments, Co Pays, Psychiatrist Care, Anxiety Treatment, Chiropractic Care, Prescription Medicines and Co Pays
( Not sure about Medical Marijuana for you Colorado and California Residents)
When you have a covered expense you pay it and they reimburse you out of your account.
Last year they went to a program where if they work directly with your health care provider, you don't even need to submit paper work and they can automatically deposit the reimbursement into your bank account. I wasn't sure if I liked this idea at first but it worked well and I was pleasantly surprised.
They will even reimburse you even if you have a larger expense early in the year and you haven't had that much deducted from your pay yet.
No I am not a shill for the FSA, I am a Rural Carrier who has saved more than a whole years salary in taxes by taking advantage of this program over the years.
I believe this is only available to career employees, but I'm not sure.
I don't know anyone who would not benefit from an FSA, I suppose if you were uber healthy, never went to the Dentist and had perfect vision then maybe it wouldn't. But I don't know anyone that fits that description at the Post Office.