Save Money With Flexible Spending Accounts

If you are looking for ways to save money in 2010, consider participating in a Flexible Spending Account (FSA).

An FSA allows you to set aside pre-tax dollars to pay for eligible dependent care or health care expenses not covered by your medical, dental, or vision plans. The minimum you can set aside is $180 and the maximum is $5000 annually.

It is important to carefully budget for your annual expenses because the plan guidelines (set by the IRS) have a ‘Use-It or Lose-It’ rule meaning you must spend all funds set aside by the plan year deadline or loose the money.

Also, these plans are only open for enrollment during 'Open Enrollment' and employees already participating in 2009 must re-enroll during Open Enrollment to participate again next year. This year, Open Enrollment ends November 24th at 5:00 p.m.!

For more FSA information including a list of eligible expenses go to the AYS website.