It's a fact: we're all spending more on health care, dependent care and other everyday wellness needs than ever before. That's what makes the flexible spending account (FSA) program so valuable - it's an easy, convenient way to help stretch your health and dependent-care dollars.
Through your FSA, you set aside money from your pay before taxes are deducted. That money is still yours to spend, but no taxes are taken out of it - ever!
How does that add up? It depends on how much you spend on health-care and dependent-care expenses each year. But for every $100 set aside through the FSA, most people can save from $30 to $40 on their total payroll taxes including:
OneBeacon® offers both health care and dependent care spending accounts which is administered by SelectAccount. You must use the funds or you will lose them, so it's important to estimate carefully.
Want to know more about flexible spending accounts? Click on the following links for more information: