flex spending / laser eye surgery

[KingGheedora]

Only about a week left in the year and much of it is holidays. I am in the stupid situation of having set aside salary for flex spending, basically it is tax exempt funds, can be spent towards health expenses. Laser eye surgery is what I was planning to use this on, and if you don't use it you can't roll it over to next year. You lose it.

Is mthere any way I could still feasibly get it? would it be possible to pay a place and file the reimbursement claim (to the 3rd party company that handles my work's flex accounts) now, with the plan of getting the surgery in january? Or something like that?

 

[Cattlegod]

i'd call the doc/hospital and see if they can bill you now and do some sort of 'pre pay' or something. let them know your situation

edit: i assume you get this money back, just taxed, right?

 

[lykaon78]

Check your company's policies but I think you can still use your 2008 money for the first 2.5 months of 2009.

For what it worth: Wikipedia says that the gobernment allows a grace period.

 

[AlienCraft]

You mean to say, you earned money, which was set aside at your direction, and if yuou don't spend it by Jan. 1 2009, you lose it entirely? As in taken away? How is that possible? Sounds fishy to me.

 

[lykaon78]

Originally posted by: AlienCraft
You mean to say, you earned money, which was set aside at your direction, and if yuou don't spend it by Jan. 1 2009, you lose it entirely? As in taken away? How is that possible? Sounds fishy to me.

This is a pretty standard benefit most companies have. It creates substantial tax savings if you use it correctly.

There are also similar accounts for day care expenses.

 

[akshatp]

Originally posted by: AlienCraft
You mean to say, you earned money, which was set aside at your direction, and if yuou don't spend it by Jan. 1 2009, you lose it entirely? As in taken away? How is that possible? Sounds fishy to me.

FSA is fishy? LOL I guess you dont have a job with benefits?

 

[akshatp]

Originally posted by: Cattlegod
i'd call the doc/hospital and see if they can bill you now and do some sort of 'pre pay' or something. let them know your situation

edit: i assume you get this money back, just taxed, right?

No. You lose it. Entirely.

 

[her209]

Originally posted by: AlienCraft
You mean to say, you earned money, which was set aside at your direction, and if yuou don't spend it by Jan. 1 2009, you lose it entirely? As in taken away? How is that possible? Sounds fishy to me.

Its a Flexible Spending Account.

 

[FP]

Load up on Advil and Pseudophedrine

 

[The_Dude8]

Originally posted by: FP
Load up on Advil and Pseudophedrine

I loaded on advil, first aid kits, etc from drugstore.com; i set aside some $$$$ for lasik, but i decided not to get lasik.

 

[jlee]

Originally posted by: akshatp

Originally posted by: Cattlegod
i'd call the doc/hospital and see if they can bill you now and do some sort of 'pre pay' or something. let them know your situation

edit: i assume you get this money back, just taxed, right?

No. You lose it. Entirely.

Yep. We have the same option.

 

[AlienCraft]

Originally posted by: akshatp

Originally posted by: AlienCraft
You mean to say, you earned money, which was set aside at your direction, and if yuou don't spend it by Jan. 1 2009, you lose it entirely? As in taken away? How is that possible? Sounds fishy to me.

FSA is fishy? LOL I guess you dont have a job with benefits?

No, I do have a job with real insurance. The lulz are all yours.

 

[her209]

Originally posted by: AlienCraft

Originally posted by: akshatp

Originally posted by: AlienCraft
You mean to say, you earned money, which was set aside at your direction, and if yuou don't spend it by Jan. 1 2009, you lose it entirely? As in taken away? How is that possible? Sounds fishy to me.

FSA is fishy? LOL I guess you dont have a job with benefits?

No, I do have a job with real insurance. The lulz are all yours.

FSA is a great way to save on medical expenses because you're using pre-tax dollars.

 

[jlee]

Originally posted by: AlienCraft

Originally posted by: akshatp

Originally posted by: AlienCraft
You mean to say, you earned money, which was set aside at your direction, and if yuou don't spend it by Jan. 1 2009, you lose it entirely? As in taken away? How is that possible? Sounds fishy to me.

FSA is fishy? LOL I guess you dont have a job with benefits?

No, I do have a job with real insurance. The lulz are all yours.

So do I, and I pay less than three bucks a week for it. We can still get an FSA.

 

[cKGunslinger]

Originally posted by: AlienCraft

Originally posted by: akshatp

Originally posted by: AlienCraft
You mean to say, you earned money, which was set aside at your direction, and if yuou don't spend it by Jan. 1 2009, you lose it entirely? As in taken away? How is that possible? Sounds fishy to me.

FSA is fishy? LOL I guess you dont have a job with benefits?

No, I do have a job with real insurance. The lulz are all yours.

FSA is not insurance..

 

[TuxDave]

Originally posted by: AlienCraft

Originally posted by: akshatp

Originally posted by: AlienCraft
You mean to say, you earned money, which was set aside at your direction, and if yuou don't spend it by Jan. 1 2009, you lose it entirely? As in taken away? How is that possible? Sounds fishy to me.

FSA is fishy? LOL I guess you dont have a job with benefits?

No, I do have a job with real insurance. The lulz are all yours.

ummm... yeah. You need to learn that FSA isn't a replacement for insurance. It's like a bonus feature so you can use pre-tax dollars on expenses that aren't 100% covered by insurance like orthodontics etc...

 

[PremiumG]

that use it or lose it rule is total BS though.

If you're perfectly healthy and don't need medical expenses paid, then you lose the money??? What the crap is that?

 

[TuxDave]

Originally posted by: PremiumG
that use it or lose it rule is total BS though.

If you're perfectly healthy and don't need medical expenses paid, then you lose the money??? What the crap is that?

Well then don't put so much on your FSA then!

 

[kranky]

You can't pay in advance. You have to get the service before the end of the year. For an expensive reimbursement like that, they are going to require documentation and you don't want to get denied because you tried to game the system.

 

[xSauronx]

ok so you knew that this money was going to disappear....and waited until *now* to use it?

what the hell held you up 3 months ago from getting lasik? worrying about what else *might* happen or did you forget about the money?

 

[kranky]

I'm pretty sure if you wanted to get lasik before the end of the year, you could. Don't assume it's too late to have it done.

 

[TheWart]

Maybe put up an ad on Craigslist, I am sure someone will be willing to do a rush order on New Year's eve....





Good luck

 

[boomerang]

I'm aware of these accounts but don't know all the details. I'm aware that if you don't use it you lose it, but I have a question.

Who gets it?

 

[DrPizza]

Originally posted by: kranky
I'm pretty sure if you wanted to get lasik before the end of the year, you could. Don't assume it's too late to have it done.

Definitely worth checking out, but you better start calling around today. Otherwise, I see a lot of pairs of glasses in your near future. If you need stuff to blow the money on, there's prescription sunglasses, prescription sports glasses, prescription swim goggles... You might be able to tell your doctor that you keep feeling tense and need one of those fancy massage chairs.

 

[edro]

Buy a wheel chair or other large medical equipment, then return it to the store later?