Flex Plans for Medical Expenses
Posted on
December 14, 2007
at
1:31 pm
Do any of you work for someone who offers one of these plans? My husband contributes pretax dollars, and we can use the money throughout the year for medical expenses, including many over-the-counter items such as pain relievers and bandages. I love these plans because we can save taxes on money we'd be spending anyway, plus it helps us budget for things like copays and deductibles.
Posted on
December 15, 2007
at
2:26 pm
My last job offered this, but I was reluctant to sign up because any left over funds don't carry over from year to year, or get returned to you. So you save 10-40% on your medical supplies due to the tax savings, but are you able to estimate how much your going to spend on medical expenses within a 10-40% margin of error?
Posted on
December 17, 2007
at
7:49 am
Before my wife became self-employed, she worked for a company that had a plan like that, but I forget her details. She recently had a root canal that probably won't be paid for on her current plan. The topic of health insurance is of interest to many of us as the boomers get into retirement age.
Posted on
April 14, 2008
at
2:38 pm
My company offers this and dependent care FSA. They are great budget tools for me. Especially the dependent care. The trick is to UNDER estimate your expenses, that way, you don't lose any money. Because I wear contacts/glasses - I can count on $300 annually, and then my regular co-pays. This year, my daughter needs glasses, so, that is another $400.00. The nice thing about the Health FSA, unlike the Dependent Care FSA, you don't have to have the full amount to be reimbursed per claim. On the Dependent FSA, I just submit my claim forms and I get reimbursed every two weeks, and you continue to get reimbursement as you contribute. It takes some creative budgeting, but it is a system that works for me.
Posted on
April 15, 2008
at
7:48 am
If the extra un used funds don't get carried over then that is a waste of money and pointless. I would opt out on that idea.
Posted on
September 23, 2008
at
11:41 am
The funds do not carry over-- but it's still an excellent thing to join at work. I have been doing it for years. I take dentist appointment co-pays and all prescriptions that we take and put that much into the fund. If I have extra it goes for OTC (Over the counter) meds- They now cover these as well. I have never given any back! Yes I think you can figure this out- If anything I'm always under what I want each year- I say I should put more in but don't.
Posted on
March 18, 2009
at
9:23 am
My husband employer offers the FSA through a "Bennycard". It is like a credit card so when you go to the store you swipe the card and the money is automatically deducted from your account. It was nice when my children were younger and we had frequent doctor visits, strep throat, ear infections, etc. However, last year we realized we were not actually saving by using this as we had to purchase a bunch of OTCs and still lost some money that we were not able to use up. We now have a stockpile of 400+ prilosec pills, advil, excedrin, cold meds, etc.
Posted on
March 24, 2009
at
2:18 pm
I'm happy this plan is working out for you. We don't have that in our area, but it would be nice. Hopefully our local area will get some type of insurance program we can use to match medical expenses.
Posted on
April 10, 2009
at
12:28 am
good thanks
Posted on
April 10, 2009
at
12:44 am
s for medical expenses everybody should be needed for funds. or could be get any medical claim for this
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