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Finance Tip of the Day

Saving For Healthcare Expenses Through Your FSA Account

  • 2018 25 Apr
Saving For Healthcare Expenses Through Your FSA Account


Saving For Healthcare Expenses Through Your FSA Account

Out of sight out of mind. That’s the idea behind your Healthcare FSA account.

With healthcare costs and premiums on the rise, taking advantage of opportunities like an FSA account can help you not only prepare financially for your upcoming healthcare expenses, but also do it on pre-tax basis!

Once you decide what amount of funds you’ll need to cover your medical needs for the year, a specific amount will be deducted from your paycheck, pre-tax, each pay period based on the annual amount you decided to set aside.

Two things to remember about FSA:

1) You can use the entire amount of FSA funds all at once without having to wait for it to accumulate in your FSA account.

2) If you don't use those funds you'll lose them, so it's better to underestimate your needs a bit rather than overestimate and lose the left over money.

Talk to your employer about taking advantage of this opportunity. Since the funds are deducted before you get your paycheck deposited in your account, you’ll be less likely to miss that money.

Today's tip brought to you by Mvelopes and Money4Life Coaching.