Flexible Spending Account...

[Like2Plan]

Merry Christmas everyone! (You can tell we don't have any little ones in the house because it is after 11am and I am still waiting (patiently ) for everyone to get up and about to open presents.)

Anyway back to the topic, the deadline for spending our FSA money is 31 DEC (use it or lose it!) and up until yesterday we had only spent 11% of the funds. I wish there was a second chance to spend the money like with my former employer. For example, where I used to work you could still spend 2011 funds until 31 March 2012. It always took off some of the pressure.

Our plan was to wait until the end of the year and see if there was any money left. If so, we would get new glasses.

Yesterday we were able to get everyone in the family glasses with the money in the account. It is a relief that we spent 100% of the money.

[photo]

Originally Posted by Like2Plan

Anyway back to the topic, the deadline for spending our FSA money is 31 DEC (use it or lose it!) and up until yesterday we had only spent 11% of the funds.

That would make me so nervous. I was going to suggest purchasing a lifetime of band-aids and acetaminophen and ibuprofen, but you found a better option.

[gattaca]

This is the main reason I do not contribute to an FSA. We do not go to the doctor that often so I would only be putting in around $200 which I don't think is worth it.

[Maismom]

I spent most of my FSA fund to cover dental related expenses. I have replace crown and I have a temporary now. Insurance company does not cover my temporary tooth that cost me almost $300.

I still have some left over, so I made appointments for vision exam for my dauther and myself next week.

[Like2Plan]

Originally Posted by photo

That would make me so nervous. I was going to suggest purchasing a lifetime of band-aids and acetaminophen and ibuprofen, but you found a better option.

LOL--I was pretty nervous, too. They revamped the rules for 2011 so that you can only get reimbursed for over the counter items if you have a Drs. prescription, so that knocks out a lot of items. But, I was thinking about band-aids and First Aid kits .

[Like2Plan]

Originally Posted by gattaca

This is the main reason I do not contribute to an FSA. We do not go to the doctor that often so I would only be putting in around $200 which I don't think is worth it.

You make a good point although my experience has been that it is super easy to just fax the receipt in for reimbursement. It does save income taxes (federal and state) and FICA taxes (SS and medicare) and this is incorporated on the W2's so that makes it easy. But, if you are lucky enough not to have a lot of eligible expenses then it would be a waste of money.

[maat55]

FSA's are just another rediculous government hoop to jump through.