Check this article out.
Anyone taking advantage of this? I haven't heard anything about this at work. It looks interesting. I'd like to hear some comments from anyone who has experience with Flexible spending accounts.
Thanks!
Flexible Spending Accounts
Moderator: Aitrus
Flexible Spending Accounts
TSPking
It's a gift...and a curse ~ Adrian Monk
It's a gift...and a curse ~ Adrian Monk
FSAs
King,
They are pretty good if you have set expenses during the year.
1. A prescription drug that you take all the time, you can put enough in to cover your co-pay.
2. Doctor expenses (such as for an ongoing illness) that you incur on a regular basis.
3. Expenses for over the counter items: aspirin, gauze, band aids, Tums, Claritin.
Bear in mind that anything that you put in that you don't use by the end of the calendar year, you FORFEIT.
Plan accordingly.
They are pretty good if you have set expenses during the year.
1. A prescription drug that you take all the time, you can put enough in to cover your co-pay.
2. Doctor expenses (such as for an ongoing illness) that you incur on a regular basis.
3. Expenses for over the counter items: aspirin, gauze, band aids, Tums, Claritin.
Bear in mind that anything that you put in that you don't use by the end of the calendar year, you FORFEIT.
Plan accordingly.
- Pro-Trader
- Posts: 130
- Joined: Mon Mar 03, 2008 1:34 am
I haven't had a FSA yet; however, I will be putting $100 per pay period starting next year. Like LIONROUND mentioned, they are great if you have or expect to have out-of-pocket medical expenses during the year since you pay for them with pre-tax dollars. In addition to saving 15%, 28% or higher (depending on your tax rates) on these medical expenses, you may actually prevent yourself/family from moving into the next higher tax bracket. I have 4 kids with one needing braces next year. I'm sure we'll use up whatever I put into a FSA. If all else fails, I'll use it to get the LASIK eye surgery performed. Another nice feature, is the you can file claims for the full amount even though you haven't made all the payments (up to the projected amount). So, in effect, you're taking a 0% intrest loan while reducing your taxes to pay current medical expenses. My coworker said that filing claims are extremely easy and she received payments very quickly. She put her expenses on her credit card and claim payments were recieved prior to credit card payment due dates. (I'm not saying that will always happen; however, that is what I've been told -- it also depending on timeing ).
However, like mention by LIONROUND, you lose the money if not spent prior to the deadline. From what I understand, the deadline is 31 Mar of the the next year (i.e. Mar 31 2010) for us who are participating next year. I'd suggest you make sure you understand all the details prior to signing up -- they can be found @ https://www.fsafeds.com/fsafeds/index.asp
However, like mention by LIONROUND, you lose the money if not spent prior to the deadline. From what I understand, the deadline is 31 Mar of the the next year (i.e. Mar 31 2010) for us who are participating next year. I'd suggest you make sure you understand all the details prior to signing up -- they can be found @ https://www.fsafeds.com/fsafeds/index.asp
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Pro-Trader
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Pro-Trader
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