Flexible Spending Accounts

Annual Open Enrollment Signifies a New Year for the Benefits Community

Benefits sign with colour confetti. Vector paper illustration.

This week we welcome (maybe reluctantly) the beginning of autumn.  With any new beginnings, many of us are gearing up for the New Year and what it promises, while taking the time to review this past year too.

Along with any new changes slated to take effect in 2016, participants should be reviewing their benefit offerings from last year and take this opportunity to make any necessary election changes in 2016.  We encourage participants to use this time to assess their healthcare expenses over the last year and determine if there are any changes they can make that would provide greater savings on those inevitable out-of-pocket costs.  Estimating future health care expenses, like routine prescription drugs and scheduled eye appointments, can help participants identify those projected costs and determine whether or not they should change their annual Flexible Spending Account election amounts.  (To learn more about what Flexible Spending Accounts are all about, click here.)

Flex Spending Accounts give users approximately 30% savings on eligible expenses, including health care and daycare costs.  Often times these expenses are unavoidable, so enrolling in a plan that provides savings on inevitable expenses just makes sense.

Crunching numbers can be less than fun but doing a little more prep work now can save money down the road – and, in the end, the effort is worth it.  (Which is probably the case for most things.)  Check out our electronic FSA calculator, which will do most of the work for you.  All you have to do is enter your predicted expenses and hit “Calculate Now.”  This smart tool calculates the estimated savings for you and shows you how much you can save when you enroll in a Flex Spending Account.

For many of you, your new benefits year will begin January 1.  Take some extra time now to review all of your benefit options and make the best decisions for you and your family.

P&A FSA Calculator  

You can take the easy route and click here: https://www.padmin.com/mybenefits/fsacalc/fsacalculator.aspx Or, if you prefer the scenic route, visit the P&A Group website, navigate to our Tools & Resources page and click on FSA Calculator.

P&A FSA Calculator _with outline

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