Put more money in your pocket! With a Flexible Spend- ing Account (FSA), you can save on a wide variety of every- day medical, dental, vision, and day care expenses. It’s a tax break that is simple to use and works for all employees eligible for Federal Employees Health Benefits (FEHB) whether or not you participate in FEHB. You’re likely to have out-of-pocket medical or dependent care expenses. Why pay more in taxes than necessary?
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 with determining that amount, use the FSA calculator at fsafeds.com (scroll down to “Savings Calculators” on the home page).
The average person will save about 30 percent each year — that’s like receiving a 30 percent discount. With that type of savings, a Postal Service™ employee contributing $2,000 to an FSA account will save about $600.
You can contribute to a health care FSA to cover out-of- pocket health, dental, and vision costs. If you don’t use all of your health care FSA funds, you can carry over up to $550 of unused elections into the next year. You can also contribute to a dependent care FSA to cover day care expenses for your dependent children under age 13 and eligible adult-care expenses.
To learn more about FSAs, visit liteblue.usps.gov/fsa or check out our provider site at fsafeds.com.
— Compensation and Benefits,
Human Resources, 11-5-20
