What would you do with an extra $1,400?
** This example is intended to demonstrate typical tax savings based on a total income tax rate of 40%. Actual savings is based on individual tax situations.
** FSA contributions are deducted before federal and most state taxes. State taxes do apply in New Jersey and may apply in other states. Check with your tax advisor.
Open an FSA in three easy steps1. Before your employer’s next open enrollment period, determine how much you expect to spend on qualified healthcare (including many OTC products) and dependent care in the coming year.
2. Use FSA calculator to figure out exactly how much you should put into your FSA and calculate your annual savings.
3. Submit your FSA enrollment form with your healthcare and/or dependent care elections during your open enrollment.
Contact your human resources department for additional information about FSAs and how you can take advantage of this valuable benefit.
Additional InformationYour entire annual contribution amount is available immediately at the beginning of the plan year to pay for eligible healthcare expenses.*** However, your total FSA election amount is deducted from your paycheck in equal amounts during the year.
Want some examples of how you might use your FSA?
*** This applies to healthcare expenses only. Dependent care expenses are reimbursed based on the availability of funds in your account.