Save Flexible Spending Plans has launched a new campaign that encourages Americans to voice support for protecting the tax-advantaged FSA by sending 10,000 e-mails to their senators before the start of 2010.
The campaign, "Ten Before Ten," coincides with the U.S. Senate's consideration of legislative proposals that would restrict the contribution cap (currently unrestricted by law) for FSAs to $2,500.
Senator Charles E. Schumer, D-N.Y., recently filed an amendment to adjust the FSA cap for inflation, a provision that has been approved in the House bill.
The amendment (SA 2993) filed earlier this week by Sen. Schumer would index the cap, ensuring that access to FSAs stay in line with increasing costs, according to a press release issued by Save Flexible Spending Plans. "Failing to adjust the contribution cap will cause the value of a $2,500 FSA to plummet to less than half its worth within a decade."
In a demonstration of the support for protecting FSAs, the organization says more than 50,000 e-mails have been sent by supporters to Congress and the Obama Administration since the launch of Save Flexible Spending Plans in July 2009.
"Now is a critical time for consumers to take action to protect their FSAs as the Senate considers pending provisions that would significantly restrict access to the benefit through a contribution cap and an amendment offered by Senator Schumer that makes sure the cap is indexed with inflation," said Joe Jackson, chairman of Save Flexible Spending Plans and CEO of WageWorks Inc., a benefits company based in San Mateo, California. "If the Senate fails to increase the proposed cap on FSA contributions and, at a minimum, index the cap to inflation, millions of Americans will face higher taxes, increased health care costs and a reduction in the value of this cost-saving benefit."
"Everyone that has come to rely on their FSA to hold down their health care costs has something at stake and should take the time to learn more and get involved in encouraging the Senate to protect the benefit," added Jackson. "Our supporters have shown strong opposition to the proposed restrictions, and we hope they will continue to push the Senate to support Senator Schumer's amendment and preserve this valuable benefit, which has empowered millions to play a more active role in managing their health care and getting the care they need."
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