Put more money in your pocket! With a flexible spending account (FSA), you can save on a wide variety of everyday medical, dental, vision, and day care expenses. It’s a tax break that’s simple to use and works for all employees eligible for FEHB (whether or not you participate in FEHB). You’re likely to have out-of-pocket medical and/or dependent care expenses. Why pay more in taxes than you have to?
Your contributions to an FSA are deducted from your salary BEFORE taxes. That’s how you save — you don’t pay taxes on your FSA contributions and end up with more money in your pocket as a result.
Start by figuring out how much money you’d like to set aside for the year. If you need help in determining that amount, use the FSA calculator at https://www.fsafeds.com/. (Under the Quick Links menu, click “Savings Calculator”).
The average person will save about 30 percent each year — that’s like receiving a 30 percent off coupon. Who can say no to that? With that type of savings, a Postal Service™ employee contributing $2,000 to an FSA account will save approximately $600.
You can contribute up to $2,600 into a Health Care FSA to cover out-of-pocket health, dental, and vision costs. If you don’t use it all, you can carry over up to $500 of unused elections into the next year. You can also contribute up to $5,000 to a Dependent Care FSA to cover day care expenses for children under age 13 and eligible adult care expenses.
Visit liteblue.usps.gov/fsa to learn more or check out our new provider site at https://www.fsafeds.com/.
— Compensation and Benefits,
Human Resources, 11-10-16
