You can establish a Flexible Spending Account (FSA) to manage out-of-pocket medical and day care expenses – and save on taxes at the same time.
Here’s what you can contribute:
- $200 up to $2,650 for the Health FSA
- $200 up to $2,500 for the Dependent Care FSA if you're married and filing separately
- $200 up to $5,000 for the Dependent Care FSA if you're married and filing jointly or are a single parent
Your Health FSA covers
- Medical co-pays, coinsurance, and deductibles
- Over the counter items, such as crutches, bandages and blood testing kits
Dependent Care FSA pays for child care and elder care expenses.
For more information visit NAF Heath Plans.