Re: How to determine how much to set aside in medical spending account?
DH and I just went through this. First, make sure you know what all your plan will and will not reimburse.
We added up the costs for all of our known prescriptions as well as how many doctor's trips we were likely to make, and what those copays would add up to. In that we included trips to the dentist and eye doctor, as well as routine lab work. We also figured out how much we spend on average for things like ibuprofen, contact solution, etc.
We started recording medical expenses last year, and this year I'm going to keep track of all expenses that are covered by the med reimb plan, so that we'll have a better idea when it comes time to set aside money next year.
We aimed to be conservative, so that we aren't looking at a large sum of use or lose money come 12/05.
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