What you need to know
BAE Systems offers pretax reimbursement accounts that let you set aside money through payroll deductions before taxes are deducted from your paycheck. Using these funds to help pay for your eligible out-of-pocket benefit costs can help you stretch your money. That’s because for every dollar you contribute, you’ll likely save about 30 cents (or maybe more) on taxes. And these savings can add up quickly!
Why it matters
We’re all looking for ways to save these days, so why not take a closer look at how pretax accounts can help you keep more of your hard-earned pay in your pocket. We developed a Benefits 101 resource to explain how these pretax accounts can work for you, and included testimonials from colleagues who are using these accounts to help cover their benefit costs. A printed copy was mailed to you, and an electronic version is available below.
Elect pretax accounts during upcoming Annual Enrollment
To take advantage of many of these pretax accounts, you must elect them during Annual Enrollment (or as a new hire with the company). Annual enrollment for 2024 benefits is coming soon. It’s an ideal time to explore your savings and spending account options, and to use the online Medical Plan Evaluator when it’s available to estimate your out-of-pocket costs for health care, as well as any dependent care expenses.
Perhaps electing one or more of the savings or flexible spending accounts can help you cover some of your 2024 expenses using pretax dollars!
Ready to learn more?
Get to know your pretax account options with this important Benefits 101 guide.
This Savings and Spending Accounts Comparison Chart provides a side-by-side overview of the four pretax accounts that BAE Systems offers.
As you review this year’s Benefits 101 mailer and your benefit plan options for 2024, you can refer to last year’s mailer to better understand different types of medical plan costs (deductibles, coinsurance, copays, and out-of-pocket maximums) and how they apply to your medical plan.