FSAs Can Save You A Load of Money

How much have you spent on medical and daycare expenses so far this year? Are you paying for them with tax-free money?

Now that it is time to enroll in FSAs for 2018, consider:

• A Health Care FSA reimburses health care expenses for you and your eligible dependents, even if they aren’t covered on your medical plan. You don’t have to be enrolled in medical or dental plans to participate in a Health Care FSA.
• A Dependent Care (Daycare) FSA reimburses you for daycare expenses incurred for qualifying children and adults because you and your spouse work or are looking for work. 

Sign up during open enrollment

You must make an election during Open Enrollment Nov. 6-Dec. 1 of this year for the next year’s coverage.

You also can enroll within 31 days of a qualified change in family status, such as marriage, birth or adoption.

You get a debit card with the Health Care FSA. In January, the card is loaded with your full year’s election amount for you to use immediately.   

You can rollover up to $500 of unused Health Care FSA into the next year, but can’t on the  Dependent Care FSA.

Learn more about FSAs.