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Flexible Spending Accounts

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Ellen: Opening a flexible spending account

Ellen, 62, put $1,200 into her flexible spending account in 2006. $100 a month was deducted from her paycheck before taxes. She used the money to pay her co-pays for prescription drugs and to buy a hearing aid. “I saved about $350. That’s the taxes I would have paid on this money.”

More tips on spending wisely.

 


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