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Does anyone know much about FSAs

flexible spending accounts. I was wondering if I should lobby my company if its worth it.

Answer Question
 
babygirl821

Asked by babygirl821 at 8:36 AM on Feb. 6, 2009 in Health

Level 1 (2 Credits)
Answers (3)
  • where i work we can only put so much in it and it has to be used before the end of the year or we lose the money -- no refund. i dont use it
    emexmom

    Answer by emexmom at 8:50 AM on Feb. 6, 2009

  • If you're going to have a lot of medical expenses that you are going to pay IN THE SAME YEAR, it can be worth it. It's good because the money comes right out of your paycheck and is not taxed, and you can use it for over-the-counter medicines. It's not so good because you have to account for and provide receipts for *every* dollar you spend from the FSA, which can be kind of a hassle. And the medical bills have to be paid in the same year that you received care. For example, I had an ultrasound in 2007 but didn't get billed until 2008. I paid for it out of my FSA in 2008, but when I sent in the receipt, they refused it, and we had to put the money back in. And emexmom is right, whatever you don't spend by the end of the year is gone.

    It wasn't worth the hassle for us, so we decided not to use it this year.
    flmom321

    Answer by flmom321 at 9:08 AM on Feb. 6, 2009

  • well for me I thought would be good for copays and baby medical. Example: copay for delivery was $800, I sure could have used it for 2008. So I pay for a monthly med $160/yr and any other copays/deductibles now that I'm older and now with a baby I figure atleast $500 would be great right?
    babygirl821

    Answer by babygirl821 at 10:43 PM on Feb. 7, 2009

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