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JMF CPA LLC
7800 Glenmore Drive
PO Box 1297
Powell, OH 43065
Phone: 614-408-3730
Fax: 614-408-3731
Cell: 740-972-0858
Email: jo@jmfcpallc.com
Website: www.jmfcpallc.com
As summer turns to fall, employers across the country are getting ready to present their annual open enrollment options for employee benefits. As an employee, whether you're a newbie or an experienced hand at choosing employee benefits, it is crucial to do your homework before making your selections.
You’ll also want to examine any health savings plans offered, including the Health Savings Account (HSA) if you have a high-deductible health plan. HSA contributions are deducted pretax, and potential earnings and qualified withdrawals are tax-free. In 2025, contribution limits will increase to $4,300 for self-only coverage and $8,550 for family coverage.
Disability income (DI) insurance may also be an important coverage for younger employees, who are much more likely to become disabled than to die at their age. This insurance protects what is many employees’ largest asset — their ability to earn a living.
Life insurance, DI and other benefits may also be tax-advantaged, reducing taxable income and, ultimately, taxes. These are a few of what can be many benefit offerings.
Discuss your choices with your financial and tax professionals.
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