Flexible savings - to save or not to save.

[ValQue]

Over the past couple of years I have been utilizing the flex spending account that my employer offers through our benefits package. Each year I find that I'm scurrying around to use my money otherwise I'll lose it. I recently found a site where I can stock up so I don't lose my money. What kind of products should I stock up on to save throughout next year? I heard they changed the amount to put towards accounts for 2013. Should I enroll again if I have money left from this year and will be stocking up for the year to come?

[bjl584]

Your HR department or your insurance provider can provide you a list of qualifying items. That information is also available on the IRS website.

[ValQue]

Thanks for the information, Brian. I spoke with a few friends who have flex spending accounts as well. They were the ones who told me about FSA Store's website. This leads me to my initial question. If I spend down all my funds and stock up for 2013, should I enroll in this opportunity again?

[breathemusic]

Are you only putting in the minimum amount? If you're putting more than that in, why not just adjust the amount down so that you're not scrambling. If you only put in the minimum $250 and are still trying to find ways to spend the money and not use it, and you've already stocked up on a variety of medical supplies, it might be worth it to not contribute for a year. But that all depends on your expenses.

I try to schedule things like dental exams and a yearly check-up and such during open season, that way if I happen to find out a need detal work or who knows what, I can account for it in my flex spending.

On the other hand, I rarely go to the doctor, and this year I've been careful about taking care of my teeth (plus my detal insurance has good coverage) and most of my regular check-ups are already fully covered under my insurance. Add to that the rules for the flex spending changing and really limiting the things you can buy (no over the counter meds without an Rx, are you kidding me?!). So I opted not to contribute to a flex spending account this year.

But it totally depends on the individual. Only you can know what you spend (on average) on health costs each year.

[ValQue]

Thanks for the feedback breathmusic. I'm putting in a couple hundred more than the minimum with a similar game plan to yours. Just like you, I don't go to the doctor often and my dental plan is very good. I'm going to try and reduce the amount I put into my FSA in hopes that I won't be scrambling at the end of the year this year. Happy New Year to you!

[kaleida]

Extra dental cleanings are really useful and totally worth it to me - I always get 4 cleanings per year, sometimes more!

If I have FSA money left over then I usually get new glasses...although there are definitely years when that borders on being a fashion decision rather than a necessity