Tax Advantaged Plans

The College now offers two tax advantage plans, FSA or HSA, to assist employees in paying for their out of pocket health expenses. There are several reasons to take advantage of these plans offered by the College. In addition to the tax savings, many employees also find it an easy and effective way to budget for medical expenses throughout the year, especially if you have maintenance medications or supplies you use on a regular basis. These plans could actually increase your amount of take-home pay. Money added to the FSA or HSA accounts are not subject to payroll taxes, which could then lower your tax bracket and lower your annual income tax payments. If your taxable income is lowered, your take-home pay can go up!