Spending Accounts
Spending accounts are like getting a tax rebate every time you pay for health care and child or other dependent care expenses, since your pay goes into the accounts before taxes are withheld. This can mean savings of approximately 26%-45%, depending on your tax situation!
For the 2010 Plan Year, the spending accounts being offered are:
|
Health Care |
Dependent (Child) |
|
|
Annual Maximum |
$5,040 |
$4,992 |
|
Annual Minimum |
$ 120 |
$ 120 |
Health Care Spending Account (HCSA)
The traditional Health Care Spending Account, (HCSA) helps you save tax dollars on the health-related treatment you and your family receive.
Dependent (Child) Care Spending Account
Provides the opportunity to use tax-free dollars to pay for the care of your children under age 13 or other IRS eligible dependents while you and your spouse work or go to school full time.
Important Information
There are some important things to keep in mind when deciding how much money to put into your spending accounts.
A Word About Forfeitures
Although there is a possibility of forfeiting money, you should consider your tax savings.
If You Leave or Retire
Information about terminating or retiring from State employment during the plan year.