Group insurance services:

Flexible spending accounts

Flexible spending accounts offer employees a great way to reduce their taxable income while paying for medical or child-care expenses they know they'll encounter during the year.

When you sign up for a flexible spending account, generally through a regular payroll contribution, your employer puts the amount you select into a personal account for medical expenses or dependent care costs not covered by insurance. Employers may offer a medical account, dependent care account or both.

The major appeal of medical accounts, in addition to the tax benefits, is added versatility in obtaining and paying for health-related services. You can use the money to pay for doctor co-payments, medications or insurance deductibles that otherwise would come out of your pocket, you can also use the funds for many medical services that don't require prior physician approval, or that may not be covered by your company’s health insurance plan.

With a dependent care account, pre-tax money can be used to help pay the costs of a caregiver providing services while you're at work.