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 Dependent Care Assistance Program (DeCAP) –  DeCAP allows City employees to pay for eligible dependent care expenses on a pre-tax basis, with deductions taken directly from paychecks. These deductions reduce an employee’s gross income on his/her Form W-2 for federal and Social Security tax purposes.

MSC Health Benefits Buy-Out Waiver Program –The Medical Spending Conversion (MSC) Health Benefits Buy-Out Waiver Program allows eligible employees who can obtain non-City group health benefits to waive their New York City health benefits in return for an annual cash incentive payment.

Health Care Flexible Spending Account – The Health Care Flexible Spending Account (HCFSA) Program is a way to pay for eligible medical expenses (not covered by insurance), dental, vision, and hearing expenses (not covered by the Welfare Fund or Union) with before-tax dollars.

Commuter Benefits – Pre-Tax Limit Increased to $280/Month The IRS has announced that for the tax year 2022, the monthly pre-tax limits for commuter benefits will be increased to $280 per month for both transit and parking.

to learn more about each plan listen to Episode 36 how to maximize flexible spending plans

Brief Background on Host:

Ms. Black, the host of Staying in the Black, is a single mom, homeowner, and public-school educator in NYC. She owns two properties and is one mortgage away from being totally debt-free. She loves traveling the world with her family and has over $500,000 in her retirement accounts beyond her pension.


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