With the transition to High Deductible Insurance plans and H.S.A. accounts in recent years, Flex Spend Accounts (FSAs) have diminished in popularity. You might find yourself wondering, "What good are they?!"
While an FSA may not be for everyone, there are still features that make it an excellent option in your benefit toolbox. As we approach Open Enrollment for 2020, consider the following:
Flex Spend dollars for the year are available on Day 1 of the calendar year, allowing you to use the funds before you’ve contributed. Contributions are pre-tax, lowering your taxable income.
If you have an H.S.A, you are still eligible for a Limited FSA and can use the funds for dental and vision expenses, maximizing additional pre-tax contributions.
If you are not enrolled in a high deductible plan, funds can be used for medical, dental and vision expenses.
Events that may make an FSA particularly beneficial:
- Braces
- Lasik
- Major dental work or dentures
If you have any questions, please contact Sarah Gartman at 262-243-4581 or email her at Sarah.gartman@cuw.edu.
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