Are you taking full advantage of your spending accounts at work? If not, you should. Flex and qualified transportation accounts allow you to put aside pre-tax money to pay for qualified medical, dental, and dependent care expenses.

Let’s say you have a $20 co-pay for a doctor’s appointment and you’re in the 25% federal marginal tax bracket. Since you would also be saving on Social Security taxes at 7.65%, if you pay for that appointment out of your Medical and Dental Reimbursement Account, your cost is only 67.35% of $20, or $13.47, because you paid pre-tax. It’s as if you are getting a 32.65% discount on your medical expenses. The same tax savings also apply to Dependent Care accounts.