I should focus on open enrollment 2015 my employee benefits in making decisions is it?
People tend to focus on the determinants of health insurance during open enrollment this fall (see our guide to choosing the best health insurance in 2015 For more information on these choices). But you also have to employee benefits, can provide valuable protection to reduce your tax bill and save your money to a few other options.
Contribute to a health flexible consumer accounts. of money you can contribute pre-tax health FSA to rise a little bit, from $ 2,500 to $ 2,550 in 2015 and the US Treasury made a lot of changes to consumer rules last year, allows employers to let you roll excessive amount remaining account from one year to the next $ 500 many companies have adopted this carry-over $ 500, but others choose to give you a grace period until March 15 to use all the money accounts, instead of (the employer You must select one or the other). Other companies still need you by December 31 to use the money or lose it. Ask your employer about it for the 2015 rules; many people in the process of changing to carryover of $ 500. See detailed information in the new navigation rules flexible spending accounts for about rules.
Contributions to a health savings account. If you 2015 high deductible health insurance policy (there is deductible of at least $ 1300 of personal insurance and home insurance $ 2,600), you may be eligible to contribute to a health savings account. If you have private insurance, home insurance, or $ 6,650, plus if you are over 55 years old this year of up to $ 1,000 at any time you can contribute up to $ 3,350 in 2015. If the tax-free deductions from wages or production, if you have a separate policy, your contributions are pre-tax. Usually you (unless you have a limited use FSA only cover certain costs, such as dental and optical costs) does not contribute to both the FSA and HSA in the same year. If you have a qualified high-deductible health insurance policy, it is usually better, because you have a higher contribution limit (and many employers add additional money to the account, too) the contribution of HSA, rather than aFSA and you do not use -IT- or-lose-it rules.
You can use the money tax-free spending of the current MEDiCal, but you must also keep its accounts grow for many years, and then use it in the future tax-free option medical costs. See Frequently Asked Questions About Health Savings Accounts for more information. Your employer might, if you join a health plan even more money added to your account. For more information about why the company health plan found.
Dependent care flexible choice of consumer accounts. You can contribute up to $ 5,000 per family tax dependent care FSA, if your employer offers. You can then use the money tax-free to pay 13 years of age to take care of your children while you and your spouse work (one spouse can be a full-time student, while the other one works). Eligible expenses include day care, nanny, public relations costs eschool, before school and after school care, and even summer day camp.
Related care FSA will generally save you more than taking child-care tax credit unless you have a low income. But if you have more than 13 more than two or young children, children spend more than $ 5,000, you can put aside up to $ 5,000 of dependent care FSA at work, still take care of the child credit of up to $ 1,000 extra cost. Suppose you spent a total of $ 6,000. You can ask for $ 1,000 child care credit, get your $ 200 to $ 350 tax relief, depending on your income. See detailed information related to the cost of care tax relief.
Fully utilized. If your employer provides commuter benefit program, you can set the ASI canceled the monthly pre-tax $ 130 public transportation, such as subways, buses or trains. People who drive to work can put aside up to $ 250 per month pre-tax parking spaces. If you drive, you can also use public transport – if, for example, you are in the subway opened to the park-and-ride lot – you can take two benefits, and set aside $ 380 per month. These levels are as they are in 2014.
Enhance the contribution of your retirement savings are the same. This is also a good time to re-evaluate multi-yearLess money for your retirement savings set aside from each paycheck. You can contribute up to $ 18,000 401 (K), 403 (B), 457, or federal Thrift Savings Plan, 2015, which is a $ 500 increase over 2014. If 2015 is aged 50 or over at any time, you can also improve your cONtributions (even on your birthday) to take advantage of catch-up contribution limit, up from $ 5,500 to $ 6000 in 2014 to 2015 to see how much you can contribute to a retirement plan in 2015 for more information.
Consider Ross contributions. If your employer offers both Ross and your 401 (k) contributions or other traditional retirement savings plan, you may want to re-evaluate if you have been taken mainly to promote the tradition which route 2015, pre-tax 401 ( K), consider transferring at least some of your Roth 401 (k) contributions, rather than – you will not get tax relief now, but you can withdraw tax-free retirement. This is a good way to build a number of tax-free savings for the future, especially if your income is too high to promote the Roth IRA. See if you can learn more about investing in a Roth 401 (k).
Weigh the additional disability insurance. If your boss asks you to open enrollment period to purchase additional disability insurance, which may increase your benefits, if not the best way to reach your current coverage. Many employers automatically provide some disability insurance for their employees, but those policies are generally paid by the employer, including 60% of pre-tax income of below $ 5,000 per month limit. If that’s not enough money to pay the bills, consider your boss, it could cost $ 250 or more per year, depending on the amount and details of policy to purchase additional coverage. Why should you get to see more of Disability Insurance for more information.
Think about long-term care insurance. Some employers also open to you to buy long-term care insurance during registration, they tend to have 5-10% of group discount options. If you are a woman, you may benefit more. Most long-term care insurance company recently changed interest rates, coverage they buy on their own as a single women to receive up to 50% of single men. But by employersLong-term care policies typically must have a neutral rate. Healthy people or couples, but could be better done with a single policy. Your employer coverage and price and buy on their own policies provided by the comparison. See How to buy long-term care insurance for more information.