Growing Family Benefits
- Don't get pregnant without us!
- Enjoy security for your family
- Ask for employee paid options at work
Healthcare Flexible Spending Account
Health & Medical Flexible Spending Accounts
Health & Medical Flexible Spending Account (FSA) helps your growing family cut costs across a wide variety of areas. Think ahead and utilize the power of pre-tax savings to cut costs. A healthcare FSA allows you several advantages compared to taking medical expense deductions on Schedule A:
- Convenience: Pay for medical and health expenses using a debit card
- Bigger Tax Savings: Avoid paying FICA on payroll deductions and realize hidden tax savings associated with lower W2 income
- First Dollar Tax Savings: No waiting to reach Schedule A 7.5% Adjusted Gross Income hurdle
- Interest Free Loan: Annual election is payable by employer once eligible expenses are incurred
Healthcare FSA Saves Taxes and Provides a Loan
FSA Eligible Expenses FSA eligible expenses are a growing family's best friend. So many expenses incurred while trying to conceive, during pregnancy, while in the hospital delivering your baby, or providing for well baby care qualify to be paid for using your FSA. Don't miss out on the savings.
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FSA Beats Tax Deduction Limits A flexible spending account provides first dollar tax savings, an important consideration for any growing family. Couples undergoing infertility treatments need to understand how these tax programs work compared to Schedule A.
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Benefits of Pre Tax Deductions A flexible spending account allows you to leverage the benefits of pre tax deductions. By lowering your reported W2 income, you gain tax savings in many hidden ways: IRS code provides tax breaks tied to gross income.
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Interest Free Loan A feature many people miss is an opportunity to use your FSA to get an interest free loan from your employer to cover any medical expenses. Any qualifying expense is payable upon receipt, meaning your employer must fund the expense, now matter how many contributions you have made.
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