Can an FSA save you money? Absolutely! All of us can benefit from flexible spending accounts. If you’re in the 30 percent tax bracket, you need to earn roughly $142* to pay for $100 in health care expenses. But with a health FSA, $100 earned is $100 that you can use to pay for eligible expenses.
Find the profile below that most closely fits you and then check out how an FSA can keep more money in your paycheck.
Aside from an occasional cold or checkup, you really don’t spend much on your health care — right? But did you know that you can save money by using a health FSA to pay for over-the-counter (OTC) products? Things like bandages and other first-aid supplies, contraceptives, and prescribed OTC medicines. Do you wear glasses or contacts? Considering laser eye surgery? Use your health FSA dollars to pay for vision services, eyeglasses, contacts, and cleaning solutions. Out-of-pocket dental expenses, like cleanings, X-rays, and braces, can also be paid for with your FSA funds. Your pre-tax FSA funds give you dollar-for-dollar value to pay for these expenses. Add up your savings with our online calculator!
You’re taking control of your life, your career, your finances — and most importantly, your health. You’re now in the position to spend more to look and feel good. You schedule annual checkups and visit the dentist twice each year for dental cleanings and X-rays. Do you go to the chiropractor? Thinking about acupuncture? Ready for laser eye surgery? Definitely want to quit smoking? The control is in your hands, especially with a health FSA. Put $1,000 in your account, and you’ll save $300* when the plan year ends. That’s a pretty good return on your investment.
As a single parent, you’re pulled in all different directions, and so is your bank account. Do you find that pinching pennies has become a daily task? An FSA is the money-saving solution you’ve been looking for! Use your health FSA funds to pay for doctor co-pays, health care deductibles, and dental expenses that quickly add up when you have kids. How about saving money on child care expenses? If you spend $3,000 annually on before and after-school care, use your dependent care FSA funds to pay for the child care expense, and you will save $900* by the end of the plan year. Your bank account will perk up with this kind of savings!
Enrolling in an FSA benefits you and your future family. You’ll see your savings add up as you use your health FSA funds to pay for OB/GYN co-pays, fertility treatments, and health plan deductibles from the birth of your newborn. Plan for out-of-pocket health care expenses for after the baby arrives, too — pediatrician co-pays, breastfeeding supplies, and over-the-counter items, like thermometers and bandages.
Are you and your spouse both planning to work after your baby is born? If so, your savings add up even more when you use your dependent care FSA to cover child care or baby sitting expenses. Use your FSA funds toward child care totaling $5,000, and you’ll save $1,500* by the end of the plan year.
You’re trying to put money in both college savings accounts and your retirement fund. But out-of-pocket health care costs keep coming up. With a health FSA, you can save 30 percent* or more on eligible FSA expenses for you and your eligible dependents. Use your FSA funds toward doctor co-pays, an unplanned trip to the ER, vision services, dental care, and braces. You’ll find your FSA will help keep your whole family healthy without breaking the bank.
Are you a baby boomer with kids and an elderly dependent parent that is now living with you? If so, you’ve become part of the “sandwich generation,” supporting both your own children and an aging parent. An FSA can help you now more than ever with potential dependent care expenses for your parent — as well as keeping up with continuous health care expenses for you, your spouse, and your children.
Sign up for an FSA and save 30 percent* or more when you use your pre-tax funds toward health care expenses associated with teenagers — braces and routine dental care, dermatologist co-pays, and contact lenses and cleaning solutions. If your dependent parent qualifies for elder day care so you and your spouse can continue to work, use your dependent care FSA funds to pay for the expense, and your savings will add up even more.
You’re no longer responsible for your children’s health care expenses, but your own medical costs and those of your spouse are starting to increase as you head closer to retirement. With a health flexible spending account, you can save by using pre-tax funds toward eligible medical expenses, such as surgery and hospital services, prescription drugs, hearing aids, and medical equipment. Plus, you can use your FSA funds to pay for over-the counter health care items like reading glasses, blood pressure monitors, and diabetes test kits and supplies.
Put $2,000 in your health FSA and use your funds to pay for eligible FSA expenses throughout the plan year. If you use all of your pre-tax FSA money by the time your plan year ends, you’ll save $600*. It’s the easiest way to save money for retirement!
A chronic condition not only takes a toll on your body, but it also takes a toll on your bank account. With the rising cost of health care, treating chronic conditions, such as diabetes or heart disease, is quite expensive. Ease your financial burden by using pre-tax health FSA funds toward eligible medical expenses, prescription drugs, and over-the-counter supplies, such as diabetes supplies, that you’re already paying for out of your pocket.
Put $2,500 in a health FSA and you will save about $750* at the end of the plan year. This savings can help ease the financial burden associated with a chronic condition, and perhaps, offer you some peace of mind, too.
* Each of the examples above assumes that an individual or family is in the 30 percent income tax bracket.