Many benefits professionals are already well versed in the importance of pre-tax benefit accounts, including the popular health care and dependent care flexible spending accounts, health savings accounts and commuter benefits accounts, which allow employees to set aside money before taxes to pay for many routine expenses. For employees who have procrastinated and opted not to enroll, rising costs may be the final push they need to sign up.
FSAs offer employees who are frustrated with their out-of-pocket expenses a way to take control and keep costs down. Open enrollment is a key opportunity to explain why employees shouldn't overlook pre-tax accounts as a great cost-cutting tool.
Rising health care, dependent care and commuting expenses
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