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Do you use a Flex spending account?

We are getting ready to enroll in our Flex spending acct and I am torn about how much to pledge. We used $1200 last year in basic medical and dental and this year, we have one that needs wisdom teeth out and 2 of us have to have dermatology procedures. I am going to try to get estimates on those, but I don't want to over pledge. How many of you have this and how much do you generally pledge for a family of 6? I am excited about this because it will reduce our out of pocket healthcare expenses....cant wait!

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momofsaee

Asked by momofsaee at 6:20 PM on Oct. 17, 2008 in Health

Level 4 (56 Credits)
Answers (4)
  • I don't. We put a set amount of money aside in a savings account every month and use that as our "flex" account ... but we get to keep any $$ we don't use, which is why I won't use a "real" flex account.
    Anonymous

    Answer by Anonymous at 6:51 PM on Oct. 17, 2008

  • We put $2000 in ours for a family of 4. Flex spending is great 'cuz contributions are tax free! Definitely take into consideration the procedures you plan to have done. We've never had a penny left in ours at year end.
    randi159

    Answer by randi159 at 7:13 PM on Oct. 17, 2008

  • Check out what all it covers. Last year when we still had some left, I used it to pre-pay for several massages (help with injury from car wreck), OTC drugs, even some vitamins. Ours is called a Cafeteria plan--there may be a difference. We lose whatever we don't use--THANKS CONGRESS!
    Anonymous

    Answer by Anonymous at 8:57 PM on Oct. 17, 2008

  • We will lose what we don't use but we have 15 mos to use it and I seriously doubt I will over pledge. We can use it for any medical or dental expenses that are not covered by insurance. So yes, otc drugs, tylenol, chiropractic...ect...anything that falls into that category. Thanks for your answers ladies.
    momofsaee

    Answer by momofsaee at 9:15 AM on Oct. 20, 2008

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