Speaking of taxes, your employer may offer tax-advantaged options for paying medical and dependent care expenses. The most common tools of this type are FSAs, Dependent Care FSAs, and HSAs.
Your contributions are pre-tax, to pay qualified medical expenses. You can even withdraw the full amount on the first day of the plan year for qualified expenses.
Your pre-tax contributions can be used to pay child- or dependent-care expenses for children under age 13 or dependents who are unable to care for themselves.
Available with certain HDHPs, these can help you reduce taxes and set aside money for current and future qualified medical expenses.
This material should be regarded as educational information on health care only and is not intended to provide specific health care advice. If you have questions regarding your particular situation, you should contact your health care, legal or tax Professional. While Financial Professionals may discuss health care costs as part of a client's retirement plan, Financial Professionals may not provide specific advice on health care coverage options.