Take advantage of the opportunity to sign up for a Flexible Spending Account, now through November 26th!
Do you spend money on a regular basis on prescription drugs, or to see a doctor?
Do you wear contact lenses or glasses?
Would it be helpful to have the money upfront to cover your medical and dental expenses?
Do you have a child in daycare, summer camp, or in a before or after school program?
Do you commute to work and pay for parking?
If the answer is yes to any of these questions, you may be able to save money by enrolling in a Flexible Spending Account.
What is a Flexible Spending Account (FSA)?
Flexible Spending Account plans are a tremendous opportunity for you to enhance your benefits package. The City is excited to offer these highly beneficial programs and wants employees to have the opportunity to participate in an IRS Section 125/Flexible Spending Account Plan administered by Cafeteria Plan Advisors, Inc. (CPA, Inc.) Most employees pay for expenses such as dependent care, medical/dental care, etc. on an after-tax basis. Flexible Spending programs allow you to set aside a portion of your paycheck tax-free to pay for those expenses. The result is a reduction in your taxable income, which will give you an increase in your take-home pay. Don’t miss out on this opportunity to save an average of 30% in taxes.
How do I enroll?
You can enroll during the annual enrollment period, which ends on Tuesday, November 26th. If you participated last year, you must re-enroll as current year’s elections do not carry over to the next year. Current participants can renew online, and new enrollees can complete the attached enrollment form and submit it to CPA, Inc. via fax: 781-848-8477, or mail: CPA, Inc., 420 Washington St, Suite 100, Braintree, MA 02184.
Please note that if you participated in an FSA last year, you have an additional 75 days (until March 15, 2020) to spend any money that may be left in your Health Care Flexible Spending Account as of December 31, 2019. Not sure how to spend this money? Check out https://fsastore.com/.
Want to learn more?
Please see the attached flyer for more information. If you still have questions, please call CPA, Inc. at 781-848-9848, or attend an info session. Details about the info session can be found below: