Personal Choice Account - Flexible Benefits Administration

Tax Savings Example

Your Pay without a HFSA

  • Annual Salary
  • No Healthcare Election
  • Income Taxes
  • Healthcare Expenses
  • No Reimbursed Expenses
  • Net Pay without HFSA
  • $48,000.00
  • -$9,600.00
  • -$5,000.00
  • $33,400.00

Your Pay with a HFSA

  • Annual Salary
  • Healthcare Election
  • Adjusted Net Income Taxes
  • Healthcare Expenses
  • Reimbursed Expenses
  • Net Pay with HFSA
  •  
  • Total Annual Savings
  • $48,000.00
  • –$5,000.00
  • –$8,600.00
  • –$5,000.00
  • $5,000.00
  • $34,400.00
  •  
  • $1,000.00

That’s $1,000 in savings just for participating in a Flexible Spending Account!

Because you pay less in social security taxes, your social security benefit may be slightly less when you participate in any type of tax savings vehicle. This is an example for illustration purposes only. Savings may vary based on income, tax bracket and other variables. Consult your tax advisor if you have questions regarding your personal savings under this account.