The Flexible Spending Program allows our members to set aside funds on a pre-tax basis for medical needs, day care needs and transportation (T, parking) costs. Hundreds of our members currently participate in this tax-advantaged program.
Dependent Care Plan: The Dependent Care FSA is a great tax savings for people who have children in daycare or parents that require elder care. The IRS allows you to set aside up to $5,000 pre-tax from your paycheck to pay for these expenses. In most instances, participation in the Dependent Care FSA results in a greater tax savings than the Dependent Care Tax Credit. (We recommend you speak with your tax advisor to determine which would provide the greatest tax benefit for you.) Some examples of eligible Dependent Care Expenses are: daycare, pre-school, before school care, after school care, and summer day camp.The Medical Dental Care plan allows a set aside of $5,000 for out-of-pocket medical expenses: doctor visits, prescriptions, deductibles, and so on. See here for more examples of deductibles.