Are you spending after tax dollars from your paycheck to pay for health or dependent care expenses that are not covered by your health insurance?
An FSA through TAG allows participants to pay for qualified health and dependent care expenses with pre-tax money by setting aside a certain amount of their paycheck into an FSA prior to paying income taxes. By using an FSA to pay for you and your family’s eligible expenses you could save over 30 percent on items such as braces, eyeglasses, co-payments, prescriptions, dental and vision care, chiropractic care and even everyday over-the-counter medicines.
Payroll Check Comparison…
|Payroll Check Example||Without TAG||With TAG|
|Gross Monthly Pay||$3,000||$3,000|
|Less pre-tax expenses:|
|Federal & state||(600)||(520)|
|Social security (FICA)||(230)||(200)|
|Less expenses not pre-|
|Net Spendable Income||$1,770||$1,880|
* Example given is based on a California resident filing as married with one dependent
Use our online FSA savings calculator to calculate your savings.