Dependent Care FSA account is not as popular as the primary FSA account. Many people take advantage of FSA account for their tax benefit but most fail to take advantage of tax benefit from Dependent Care FSA account. Dependent Care FSA account work similar to popular FSA account where you allocate pre-tax portion of your paycheck to cover dependent care expenses. Properly planning for Dependent Care FSA account can help save money from paying extra taxes and can use that money for other purposes. IRS allows a family to allocate up to maximum of $5,000 every year. Because the allocation is pre-tax, the deduction from paycheck occurs before any taxes including social security tax. You can save more than 40% of your allocation depending on which state you live in (some states have no state tax)! Continue reading
This could be too good to be true! The Government is working on a new rule to allow employees to finally carry over unused Flexible Spending Account balance from current year to the next instead of forfeiting the unspent money at the end of the year. Currently, all unused FSA balance at the end of the calendar year is forfeited and it causes many FSA participants to scramble in December trying to use any remaining balance. However, there are employers who provide up to 2.5 months extra to spend rest of their FSA balance, which helps. The Department of Treasury recently announced that they are working on a new rule that will allow employers to permit participants of FSA to roll over as much as $500 to the following year. Unfortunately, not all employers are required to provide this option for rollover. Continue reading
By now, every American has heard about ObamaCare, also known as Health Care Reform. ObamaCare is a health care plan for the American that provides majority of citizen the access to health insurance that is most affordable. The health insurance is currently being offered via a Health Insurance Marketplace and the citizens can go there to receive subsidized health insurance. You may be asking why the ObamaCare is so important to Americans since most of people like us have a decent job that provides a decent health insurance. Many people do not know there are more than 40 million people who are unable to get health insurance. Believe it or not, there are people who get denied of health insurance coverage and treatment because they were sick in the past or got charged more because they were women. Now with the ObamaCare, these 40+ millions of people can get health insurance without any health discrimination.
People tend to eat foods that taste good, not necessary foods that are good for their health. This behavior starts early in life as we can see it in our children, who do everything they can to stay away from anything “green”. Do you believe that certain foods can actually give you a better health? Researchers are finding out that there are certain foods that can actually help you to be healthy. Eating more of the following list of foods can help you stay away from doctor visits, which in turn can help you from spending money in doctor fees and medicine. Continue reading
The recommendations for who should get screened for breast and colon cancer and other types of cancers are constantly changing because health professional are learning new information. I believe this is why the society created what is called Cancer Screening month where a whole month of October is dedicated to reminder all Americans to get cancer screening. Continue reading