Although these plans are offered to an employee, eligible dependent expenses can be included too.
Flexible Spending Medical Account
It’s not what you earn, it’s what you keep that counts!
Flexible Spending Accounts let you set aside a portion of your paycheck tax free to pay for certain health and dependent care expenses. Contributions are deducted from your paycheck prior to federal, state and social security taxes. No tax on your contribution saves you money (see chart below).
Yes
No
Are you and your family currently spending more than $300 per year in out-of-pocket expenses such as:
§prescription copays and medicine
§doctor visit copays
§dental work - orthodontia
§eyeglasses/contacts/laser eye surgery
§chiropractic or acupuncture
§over the counter medicines
℞
℞
Is it impossible to reach the 7 ½ % of your adjusted gross income as a medical tax deduction?
℞
℞
If you answered ‘yes’ to any of these questions you should be participating in a Flexible Spending Account as shown in the example below:
