What is a flexible spending account calculator?
A flexible spending account (FSA) calculator helps you figure out how much you’ll save in taxes by using your employer’s flexible spending plan for out-of-pocket medical and dental expenses, like copayments and deductibles. When you contribute to your FSA, you don’t have to pay taxes on these costs, so you’ll save an amount equal to the taxes you would have paid on the money you contributed.
Where can I find a free flexible spending account calculator?
There are several online sources that offer a free flexible spending account calculator:
Why should I use a flexible spending account calculator?
Because a flexible spending account calculator can be a valuable tool in your personal financial and healthcare planning. It helps you estimate your tax savings if you make contributions to an FSA. The real question, perhaps, is why you should contribute to a flexible spending account. The advantage to FSA’s is that they allow you to set aside a portion of your salary for medical expenses before taxes, so you can see significant tax savings.
The downside of using a flexible spending account is that if you don’t use all the money you set aside for that tax year, you lose or forfeit it. If you save more money in taxes, though, than you have in your account at the end of the year, then you still come out ahead. Either way, that’s why a calculator like one of the above can be helpful, to give you an idea of how much you can save and how much you should be contributing to your flexible spending account for a given tax year.
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