c0mmand0-fr33k t1_iyb5gpj wrote on November 30, 2022 at 2:17 AM Reply to Should I enroll in a "healthcare FSA"? by Cole-Rex Basically you select an amount out of your yearly salary, that money doesn't get taxed and you can use it on medical bills. So let's say you pick $2600. You are available right away to spend that $2600 right on 1/1/23. They will deduct $50 a week or $100 every 2 weeks based on how often you get paid. But if you don't spend it all in 2023 , you lose in 2024. Most plans have a grace period a couple months into the new year. So if you are paid 50k a year, your net taxable income would be 47.4k Permalink 4
c0mmand0-fr33k t1_iyb5gpj wrote
Reply to Should I enroll in a "healthcare FSA"? by Cole-Rex
Basically you select an amount out of your yearly salary, that money doesn't get taxed and you can use it on medical bills.
So let's say you pick $2600. You are available right away to spend that $2600 right on 1/1/23.
They will deduct $50 a week or $100 every 2 weeks based on how often you get paid.
But if you don't spend it all in 2023 , you lose in 2024.
Most plans have a grace period a couple months into the new year.
So if you are paid 50k a year, your net taxable income would be 47.4k