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Pay For Common Expenses with Tax Free Dollars

10/31/2023 11:44:18 AM

You can use tax-free dollars to pay for common health, day care, and transit costs. Sign up for Pretax Expense Accounts. The dollars go to your account before taxes get calculated so you save money on taxes in the long run.

You will also see these accounts called flexible benefits and flexible spending accounts. You have to sign up for them every year.

Use dollars you put in Pretax Expense Accounts to pay for things such as before and after school care for your preteens, bus passes for work, medical and dental expenses, and many health and wellness items. Search allowed expenses. Some of the “Surprisingly Eligible” over-the-counter items may actually surprise you.

Benefits Resource is the state's vendor. It has worksheets under the Eligible Expenses and Calculators section to help you figure out how much money to put in your accounts. You don’t get unspent money back at the end of the year.

Sign up in Self Service to get pretax benefits:

Medical/Dental Expense Account (MDEA)
Dependent Care (daycare) Expense Account (DCEA)
Transit Expense Accounts
- Parking Expense Account (PKEA)
- Mass Transit (Bus pass)/Vanpool Expense Account (BVEA)

Go to Self Service. Once you log in, select the Open Enrollment tile. Your deadline is 11:59 p.m., Nov. 15.

Find out more about Pretax Expense Accounts.

SEGIP