The political cycle is in full swing (exciting I know). Tax deductions, tax liability, health care, tax code reform, and childcare are all buzz words you will hear throughout the election cycle. You may have heard some political figures mention Health Savings Accounts (HSA), or Flexible Spending Accounts (FSA) as part of their Health Care Plan. Child Care and Maternity Leave has catapulted FSAs for Dependent Care to the forefront of policy conversation. The good news is, you can take advantage of many of these pre-tax accounts already!
Pre-tax accounts some political figures are talking about:
FSAs, HSAs, and Commuter Benefit Plans can save you money on your taxes with every paycheck. The best part, you don’t have to wait for the next politician to make it happen. Take advantage of pre-tax dollars now or during your upcoming open enrollment season.
A Dependent Care FSA can save you an average of 30% on eligible dependent care expenses. Programs; like before and after school care, summer day camp, and child or elder day care; take advantage of pre-tax dollars with an FSA for Dependent Care.
Commuters don’t have to pay taxes on money used for a daily commute. Take advantage of one of Benefit Resource’s comprehensive Commuter Benefit Plans and find out how much you could save on your commute.
Does your organization offer a High Deductible Health Care Plan? You may be able to take advantage of an HSA to pay for your out-of-pocket expenses on a tax-free basis. An HSA could also be key to more than just saving on your every day health care needs. HSAs roll from year-to-year and earnings are tax-free when used for eligible medical expenses. Retirement is on the horizon. HSAs can play an important part of saving for health care expenses in retirement.
Don’t wait for a politician to be elected
Politics consume the news cycle and policies can divide, but most can agree that saving money is a good thing. Don’t wait until the election is over to look into saving on Health Care, Commuting, and Dependent Care. Take advantage of plans that are already available to you, no vote needed.
Talk to your HR department about your savings options, or get started today!