10 PROS AND CONS OF FLEXIBLE SPENDING ACCOUNTS TO KNOW

Explore the advantages and drawbacks of Flexible Spending Accounts (FSAs) for healthcare expenses. Learn how payroll deductions can save money on eligible medical costs.

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PROS OF FLEXIBLE SPENDING ACCOUNTS

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TAX FREE HEALTHCARE EXPENSES

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LOWER TAXABLE INCOME

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DEBIT CARD MAKES SPENDING EASY

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CONS OF FLEXIBLE SPENDING ACCOUNTS

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NEED TO USE MONEY DURING CALENDAR YEAR

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LOSE MONEY IF YOU LOSE YOUR JOB

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Read The Full Article: 10 PROS AND CONS OF FLEXIBLE SPENDING ACCOUNTS TO KNOW

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10 PROS AND CONS OF FLEXIBLE SPENDING ACCOUNTS TO KNOW

Explore the advantages and drawbacks of Flexible Spending Accounts (FSAs) for healthcare expenses. Learn how payroll deductions can save money on eligible medical costs.

PROS OF FLEXIBLE SPENDING ACCOUNTS

TAX FREE HEALTHCARE EXPENSES

FSA benefits: Tax-free healthcare spending! Contributions from your paycheck are pre-tax, like 401k. Use savings for medical expenses, no tax.

LOWER TAXABLE INCOME

Contributing to your FSA reduces taxable income, lowering Federal income tax. It's like a tax break for healthcare expenses!

DEBIT CARD MAKES SPENDING EASY

FSA perks: Many provide a debit card for easy medical payments. No more upfront costs and reimbursement hassle. Just swipe for convenience!

CONS OF FLEXIBLE SPENDING ACCOUNTS

NEED TO USE MONEY DURING CALENDAR YEAR

Use it or lose it! FSA funds must be spent in the calendar year. Unused money at year-end is forfeited. Plan wisely for maximum benefits!

LOSE MONEY IF YOU LOSE YOUR JOB

FSA downside: Job loss equals losing contributed money. If you quit or get fired, funds don't follow you. Consider this risk in FSA planning.

Read The Full Article: 10 PROS AND CONS OF FLEXIBLE SPENDING ACCOUNTS TO KNOW

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