You can make your health care dollars go further by using flexible spending accounts (FSAs) — but only if you get the facts first, experts say.
“FSAs work with your health care plans, but it’s important to understand the value of those plans,” Chief Human Resources Officer Jeff Williamson says in a new video discussion.
FSAs allow users to set aside money pretax to pay for health and dependent care expenses. Employees can enroll in FSAs during the open season benefits period that concludes Dec. 14.
The Postal Service has raised the maximum amount that employees can contribute to FSAs to $2,550 and simplified the process for withdrawing the money.
“It’s your money. You should have no problem getting it out,” Compensation Director Vinay Gupta says.
Money saved through FSAs can be used for a variety of health and dependent care expenses. The trick is to save wisely, says Benefits and Wellness Manager Erica Hayton.
“It’s a use it or lose it account, so don’t put in the max unless you’re going to spend the max,” she says.