Flexible Spending Accounts for Military

Senator Barbara Boxer (D-CA) worked to pass an amendment to the Department of Defense Authorization Bill that would allow military families the benefit of using Flexible Spending Accounts (FSA). FSAs keep more money in your pocket!

PhotobucketHere is Sen. Boxer’s press release from July 24, 2009:

Washington, DC – The U.S. Senate passed an amendment offered by U.S. Senator Barbara Boxer (D-CA) to help military families lessen out-of-pocket health care and child care expenses.

Boxer’s amendment expresses the sense of the Senate that service members should have flexible spending accounts, a benefit currently available to Federal employees and many private-sector employees.

These accounts allow individuals and families to set aside a portion of their income – before taxes – to help afford child care and health care expenses, such as insurance co-pays, eye glasses and braces. This can result in significant savings for families.

Senator Boxer said, “This is a matter of fairness. Our military families deserve the same benefits that so many other families enjoy. I will keep working to make sure our military families have the support that they need.”

Though not final yet, if the Defense Authorization Bill passes with this amendment, military families will be able to take advantage of flexible spending accounts to save on their taxes. I took advantage of a FSA when I was employed in the private sector, and it was a tremendous benefit to my family!

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