Why to use your flexible spending accounts
So we just learned that both my work (big place) and kens (10 people) have flexible spending accounts which allow you to pay up to $5000 for daycare annually using pretax dollars... ie you save about $1500 on something you're paying for already. You qualify for about 30 days after going back to work after maternity leave -- though all plans are different.
So chalk it up to free money; it may make the daycare process a little sweeter. Plus, even if you do or don't have kids, health purchases (like doctor office copays, drugstore aspirin, slings, cold medicine or chiropractic visits) can be deducted.
Pretty please look into it.
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posted by Lisa @ 9:19 PM
2 Comments:
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We don't use one, but I think we probably should. On the bottom of CVS receipts it prints out how much of your purchase is eligible to use FSA.
One thing - when UCSD did furloughs people who funded FSA for daycare costs, but now need less daycare due to working less hours said that they will loose the $ put into the FSA. I don't know if that is true of not, but there sure were some angry people.
K
1:56 PM
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