Maximizing Your Lifestyle with an Ohio State Spending Account

Maximizing Your Lifestyle with an Ohio State Spending Account

Whether you’re a student, faculty member, or staff at Ohio State University, you have access to an Ohio State Spending Account (OSSA). This account serves as a tool to help maximize your lifestyle by allowing you to take care of some expenses with pre-tax dollars. In this article, we’ll explore how to make the most of your OSSA.

What is an Ohio State Spending Account?

An Ohio State Spending Account is a tax-advantaged account that allows you to set aside pre-tax funds for eligible expenses. This account is available to Ohio State University employees and used to cover qualified out-of-pocket expenses, such as dental, medical, and vision care expenses.

Benefits of an OSSA

There are several benefits of having an Ohio State Spending Account, including:

Tax Savings:

By contributing to an OSSA, you can reduce your taxable income, which results in tax savings. With this account, you don’t pay federal, state, or Social Security taxes on the money you contribute.

Budgeting Tools:

OSSA allows you to set aside a fixed amount of money each pay period and use it for eligible expenses. This helps you to budget effectively, as you can estimate your expenses and plan accordingly.

Convenience:

OSSA provides a convenient way to pay for eligible expenses. You can use the debit card provided by the account to pay for eligible expenses, saving time and money.

Eligible Expenses

Some eligible expenses that can be covered using your Ohio State Spending Account include:

Medical Expenses:

You can use your OSSA to pay for eligible medical expenses such as co-pays, deductibles, and medications.

Vision Expenses:

Expenses related to vision care such as glasses or contacts can be covered using your OSSA.

Dental Expenses:

Dental care expenses such as x-rays, cleanings, and fillings can be covered using your OSSA.

Childcare:

If you have dependent children, you can use your OSSA to cover some childcare expenses.

Maximizing Your OSSA

To maximize the benefits of your Ohio State Spending Account, follow these tips:

Plan Your Expenses:

Plan your expenses in advance to ensure that you are using your OSSA funds effectively. For example, if you know that you’ll need new glasses in a few months, start setting aside funds for those expenses.

Take Advantage of Discounts:

Some expenses may come with discounts if you pay for them with your OSSA, so be sure to take advantage of those discounts as they can help you save money.

Check Your Balance:

Regularly monitor your OSSA balance to make sure you’re not overspending or underutilizing the account.

Use it or Lose it:

Remember, the funds in your OSSA are use-it-or-lose-it, so make sure to use all the funds before the end of the plan year.

Conclusion

An Ohio State Spending Account is an excellent tool to help you maximize your lifestyle by taking care of some out-of-pocket expenses with pre-tax dollars. By following the tips mentioned above, you can make the most of your OSSA and enjoy tax savings and other benefits.