Are You Losing Money on Your Family’s Medical or Dependent Daycare Costs?

Are medical or daycare costs a drain on your family income, leaving you less money to play? You could save 25 to 40 percent on these costs by opening a flexible spending account (FSA), which you may enroll in when you refresh your rewards during Valencia’s open enrollment, Monday, October 23 – Friday, November 3, 2017.

But what’s an FSA? An FSA is simple. You choose how much to put into the FSA account and pay for eligible medical or daycare expenses from that account using tax-free dollars — which can quickly lead to significant savings. You’ll save an amount equal to the taxes you would have paid on the money you contribute to your FSA accounts. For more details and an explaination of how FSAs work, click here.

For medical expenses, you may be surprised by some of the items eligible for savings, such as acupuncture, childbirth classes, dental treatments, medical equipment, prescriptions, vision, speech training and learning disability services. It even includes some over-the-counter medical supplies such as bandages, sunscreen and contact lens solution.

For daycare expenses, the following services are eligible: in-home or outside babysitter, nursery school, daycare center, after-school activities, summer day camp, elder daycare and elder custodial care.

For more information on the medical or daycare FSA programs, along with a list of many eligible expenses, click here.  For details on how to enroll in an FSA, attend an upcoming Benefits Tour meeting.

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