Flexible Spending Medical Accounts
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 Medical FSA's...

Although these plans are offered to an employee, eligible dependent expenses can be included too.

 

 
 

Flexible Spending Medical Account
 
 

 Its not what you earn, its 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 (effective 1/1/2011 no longer an eligible FSA expense because of Health Care Reform)

 

Is it impossible to reach the 10 % 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.

An example of tax rates and estimated savings below, check with your tax advisor for more specifics:

Flexible Spending Account

Annual Employee Contribution

Tax Savings Single

Tax Savings Married

Medical FSA

$2000.00

$560.00

$820.00

 

*Tax Rates:

Single

Married

 

Federal

15%

28%

 

State (MA listed)

5.30%

5.30%

 

FICA

6.20%

6.20%

 

Medicare

1.45%

1.45%

 

Total

28%

41%

 

 

 

 

 

 

 

 

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