Health Care 

How to use up Flexible Spending Account money by the end of the year

You don't have to buy medicine to use up Flexible Spending Account money.If you have a Flexible Spending Account (FSA), you’re probably familiar with the dreaded “use it or lose it” rule. If unused by the end of the year, any money that remains in your account could be forfeited. So if you need to use up Flexible Spending Account money before the end of the year, what are your options?
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 Personal Finance 

How Dependent Care FSAs Work

We have some friends that have been looking at day care centers in the area and it’s mind boggling how expensive child care can be, at first glance. It’s no surprise when people say that it’s often not even worth it to be working if you have to put two or more kids into daycare. One particular school charges about $1500 a month, which is more than what I paid in rent the first few years I lived in Maryland!

Fortunately, there are a few tax credits and employer benefits that can mitigate some of those costs. One of those employer benefits is a dependent care FSA. Dependent care FSAs are designed to allow you or your spouse to continue working while supporting a dependent, which is typically going to be a child (but doesn’t have to be). To that end, a dependent care FSA lets you contribute part of your pre-tax salary into a special account to help pay for those costs.

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