Flexible Spending Accounts in Automotive Manufacturing

FSAs are effective tools for managing pre-tax funds for eligible medical and dependent care expenses in the automotive manufacturing industry. Here's how they work and how to maximize their benefits:

What is an FSA?

An FSA allows employees to allocate pre-tax income to cover eligible medical and dependent care expenses.

Types of FSAs:

Healthcare FSA: Covers eligible medical expenses like deductibles and prescription medications.
Dependent Care FSA: Covers eligible expenses such as daycare and elder care services.

Benefits of FSAs:

Tax Savings: Contributions reduce taxable income, lowering income taxes.
Cost Savings: Use FSA funds for out-of-pocket healthcare and dependent care costs.
Convenience: FSAs offer a simple way to manage healthcare and dependent care expenses.

How to Use an FSA:

Enrollment: Elect to contribute to an FSA during open enrollment or qualifying life events.
Contribution Limits: Contribute up to the IRS-specified maximum annually.
Expense Reimbursement: Submit reimbursement requests for eligible expenses to your FSA administrator.
Keep Records: Maintain records and receipts for all FSA expenses.
Plan Carefully: Avoid forfeiting unused funds by planning contributions according to the "use it or lose it" rule.

Maximize your savings and simplify your expense management with FSAs. For more information, contact HR.