You can save money on healthcare and dependent care expenses with a Flexible Spending Account (FSA) by paying for them with tax-free funds. FSAs allow you to set aside a certain amount from your paycheck before taxes are taken out. Then, you can use money tax-free to pay for eligible out-of-pocket healthcare and dependent care expenses.
See how much contributing to an FSA could save you over the course of a year.
Tax savings on $2,000 contribution to FSA | |
---|---|
28% in federal income tax | $560 |
5% in state income tax | $100 |
7.65% in Federal Insurance Contributions Act (FICA) tax | $153 |
Total tax savings for year with an FSA | $813 |
This hypothetical illustration is for educational purposes only. Dollar amounts or savings will vary depending on income, state and city tax rules, and other factors. Please consult a tax, legal or financial advisor about your own personal situation.
For more information about the FSA , visit the VitaFlex portal or call 1-800-424-3052.
Using an FSA is like getting a discount on everyday health and/or dependent care expenses because you’re paying with tax-free money.
There are separate FSAs for health care and dependent care.
Nutanix offers you two types of FSAs:
Healthcare FSA
Healthcare FSA
Dependent Care FSA
Works like a bank account.
Pay for eligible dependent care expenses, such as day care for a child, that are necessary for you and/or your spouse to work, look for work, or attend school full time:
Keep in mind, FSAs are “use it or lose it” accounts — you forfeit any money left at the end of the year.
The FSAs are administered by VitaFlex. Review the VitaFlex: FSA Claims Overview for more information about how to submit claims for reimbursement from your FSA.
With FSA money, you use it or lose it. If you have a balance left in your FSA as year-end approaches, try to spend as much of it as you can on eligible expenses. Request reimbursement or manage your account on the VitaFlex website.
Review the VitaFlex: FSA Plan Detail Sheet to learn more about this pre-tax benefit.