What is Flexible Spending? Flexible Spending Account plans are a tremendous opportunity for you to enhance your benefits package. Your employer knows that these are highly beneficial programs and wants you 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 on an after-tax basis. These 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 between 28-34% in taxes.
How do I enroll? You can enroll during the annual enrollment period, which starts on Monday, October 26 and ends on Monday, November 30. Look out for information session dates/times and enrollment forms that will be going out in mid-October. See this flyer and this detailed explanation for more information.