Open season begins in less than two weeks, and federal employees like you will soon be able to do more than just make changes to their health insurance coverage. You can sign up for the federal Flexible Spending Account Program (FSAFEDS) and potentially save hundreds of dollars in the new year.
Sounds good, right? Yet, many federal employees aren’t taking advantage of FSAs, which is why President Tony Reardon focuses on the benefit in his latest “Know Your Rights” column in GovLoop.
You may know that FSAs allow you to set aside money for medical copays, deductibles, certain drugs and other health care costs. You don’t pay taxes on this money, saving you an amount equal to the taxes you would have paid on the money set aside. But did you know there are three different types of FSAs for federal employees, including one that allows you to set aside money to pay for preschool, summer camp and other dependent care costs?
NTEU is working with OPM to address some recent issues with an administrator change, but FSAFEDS is still a good way to save on taxes.
Learn more about FSAs so you can be ready for Nov. 14.