With the end of the year right
around the corner, it’s easy to get engulfed in your work, the holidays, and everything else going on. Even in this extra
busy time, it’s important to make sure you focus on your end-of-year financials as
well. Bonuses, raises and promotions are common examples of financial end-of-year events an employee could look forward to. Another important one is
utilizing your Flexible Spending Account or FSA. Making sure they use employees' FSA contributions if they don’t roll over is another way for people to increase
the money in their pockets.
FSAs
are add-ons to health insurance plans that allow employees to take money out of
their paycheck, pre-tax, and spend it on medical and childcare expenses. An
enrollee allocates a set amount of money to be contributed each year. Some FSA
plans allow funds contributed from the prior year to be used, at least for some
of the year. But many don’t, and if yours doesn’t, employees should be reminded
how to utilize their funds before they are forfeited.
Everyone knows it’s key to review finances going into the new year. An FSA is a way for people to save money, that not everyone knows about. And even with one, they may not know how to utilize it to its full potential. It’s important to make sure all enrollees and everyone who is eligible to enroll knows how to maximize an FSA.
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