Health FSA Calculator Tool now available
CLEVELAND, September 18 — A health flexible spending account (Health FSA) is a benefit plan that lets you save by putting pre-tax money aside in a special account to help pay for certain medical costs and other health services. This means you can save on what you pay in your annual income taxes. Open enrollment for eligible BLET represented engineers who work at certain railroads (and all train service employees of the Texas Mexican Railway) will begin on October 1, 2013, and you can now calculate your potential savings by using the new Health FSA Calculator Tool.
The Health FSA Calculator Tool allows you to input annual estimated out-of-pocket costs for medical services (such as deductibles, co-payments, eye exams, dental exams), then shows you how much money you will save on taxes by using the Health FSA. To check out the potential savings for you and your family, visit the Health FSA Calculator Tool here.
As reported previously, this important health care benefit may be lost unless membership participation increases. At least 5% of eligible engineers must participate in the Health FSA in the 2014 Plan Year, and 7.5% in the 2015 and subsequent Plan Years, or the Carriers will have the right to terminate the plan beginning the following Plan Year. See BLET News Flash of September 11 for more details.
Wednesday, September 18, 2013