flex spending / laser eye surgery

[dabuddha]

What I do at the end of the year is buy my glasses. Since I picked up Dental insurance this year, the money I put into my FSA for my wife's dental work wasn't fully needed so I bought a pair of glasses and sun glasses.

 

[Savij]

Originally posted by: edro
Buy a wheel chair or other large medical equipment, then return it to the store later?

If you're going to lose it anyway, you might as well buy something interesting. You could get a prosthetic leg and keep it in your car in case of emergencies. You wouldn't need to worry if you lost your leg in an accident b/c you've got a spare.

 

[Capt Caveman]

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.

No, the lulz is on you since you have no clue what you're talking about.

If you could save up to 30% on your medical expenses would you take advantage of it? A FSA is a benefit most companies (except yours) provide to their employees.

 

[Aharami]

look into getting an HSA. it can be carried from year to year and from one company to other. just like a 401K

 

[CPA]

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.

this is beyond medical insurance. It allows you to recover the costs that your insurance doesn't pick up, such as deductibles, co-pays, travel, lasik, over the counter drugs, glasses, etc. Most companies have this as part of their benefit package. Looks like your company isn't as generous.

 

[imported_Imp]

Laser eye surgery seems like the thing you wouldn't want to rush though.

 

[CPA]

Originally posted by: Aharami
look into getting an HSA. it can be carried from year to year and from one company to other. just like a 401K

Unfortunately, many companies either don't have this or attach a high deductible, high premium medical plan to an HSA. But, it is an option at some places.

OP, make sure your plan year = calendar year. My wife's FSA plan year goes from 9/1 to 8/31.

 

[HardcoreRobot]

this is why i dont use an FSA

at the very least, the unused money should be taxed and returned

 

[rasczak]

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?

I don't see why you can't take that FSA surplus and roll it over to a 401k or get a tax break for what you lost.

 

[Capt Caveman]

Originally posted by: rasczak

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?

I don't see why you can't take that FSA surplus and roll it over to a 401k or get a tax break for what you lost.

I'm guessing the administration would be a nightmare. The Dependent Health Care flex spending program runs the same way.

 

[lykaon78]

The FSA is a benefit. If you are young and healthy don't put that much money in it. Its perfect for planned medical expenses or prescriptions (asthma, hypertension, depression, etc...) and for families that will always have deductibles and expenses to cover for their children.

2 years ago I broke a tooth. For multiple reasons I choose to replace it with an implant that was going to cost me $2600ish and was not covered by insurance. I postponed the surgery until January and had the operation. After the procedure I submitted my reimbursement forms in February and had a check for $2600 to cover the surgery. Free cash advance (the 2600 was deducted over a year) and 30% tax savings for me.

 

[imported_Lothar]

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.

You lose it entirely? Wow.

So where does the money go?
Does it go to the government, or do the companies end up using it to pad their earnings report?

I've never signed up to this thing before, and there are ads telling us that the enrollment period is between Nov. and Jan at work.
There's no need for me to sign up for this thing. I don't use any medications, don't have any surgeries planned, and I only go for routine dental cleaning($7 copay), and a doctor visit($20 copay) once a year.

 

[dullard]

Originally posted by: Lothar
I've never signed up to this thing before, and there are ads telling us that the enrollment period is between Nov. and Jan at work.
There's no need for me to sign up for this thing. I don't use any medications, don't have any surgeries planned, and I only go for routine dental cleaning($7 copay), and a doctor visit($20 copay) once a year.

So, do what I do. Have $27 each year in your FSA. If you are in the typical 25% federal tax bracket and 8% state bracket, you'll save $9 a year on those copays. Although I doubt that $27 is ALL you spend in a year. Do you NEVER use Advil or Tylenol, never use cough medication, etc?

I have $60 a year put into my FSA. It covers dental copays, my minimal prescriptions, and any over the counter medications that I may pick up during the year. If I have any left over, I just get some bandaids or a first aid kit. For me, it is $20 a year that I save. Not much, but $20 for nothing is always a deal that I will pounce on.

 

[Twofootputt]

Originally posted by: Lothar

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.

You lose it entirely? Wow.

So where does the money go?
Does it go to the government, or do the companies end up using it to pad their earnings report?

I've never signed up to this thing before, and there are ads telling us that the enrollment period is between Nov. and Jan at work.
There's no need for me to sign up for this thing. I don't use any medications, don't have any surgeries planned, and I only go for routine dental cleaning($7 copay), and a doctor visit($20 copay) once a year.

Two years ago we got bought out by another company in mid-year. You cannot, by law, have two FSA's in one year, but I was able to use my full year's projected contribution. I only put money in for 15 out of 26 pay periods but was able to be reimbursed for 26 times my bi-weekly contribution. The money from those who overestimate their FSA needs & don't use all their money, goes toward these situations. You can also have your Lasik done Jan 1st and be reimbursed as soon as the paperwork goes through even if you haven't yet put enough money into the account yet that year.

My HR people sent us an email that we could claim expenses until 3/2009 on our 2008 FSA. Not that we could file that late, but actual expenses incurred then were eligible. Check with your HR Dept.

 

[vi edit]

Check with your plan administrator. There are some "qualified medical expenses" that you can use/claim all the way up to the second week of March or so.

At least that's how my plan works. I could get an eye exam and a new pair of glasses in January '09 and use '08 money for that.

 

[RagingBITCH]

Buy something like glasses or sunglasses, file a copy of the receipt, return it. Least you pocket the money.

 

[imported_Lothar]

Originally posted by: dullard

Originally posted by: Lothar
I've never signed up to this thing before, and there are ads telling us that the enrollment period is between Nov. and Jan at work.
There's no need for me to sign up for this thing. I don't use any medications, don't have any surgeries planned, and I only go for routine dental cleaning($7 copay), and a doctor visit($20 copay) once a year.

So, do what I do. Have $27 each year in your FSA. If you are in the typical 25% federal tax bracket and 8% state bracket, you'll save $9 a year on those copays. Although I doubt that $27 is ALL you spend in a year. Do you NEVER use Advil or Tylenol, never use cough medication, etc?

I have $60 a year put into my FSA. It covers dental copays, my minimal prescriptions, and any over the counter medications that I may pick up during the year. If I have any left over, I just get some bandaids or a first aid kit. For me, it is $20 a year that I save. Not much, but $20 for nothing is always a deal that I will pounce on.

I haven't used tylenol(advil, robitussin, or anything related) in probably 4 years.
The last med I bought was a Sudafed 24hr pill box I bought for $10 two years ago when I had a bad cold.

I rarely ever get sick. Never got a flu or anything like that either.

 

[EMPshockwave82]

Originally posted by: Aharami
look into getting an HSA. it can be carried from year to year and from one company to other. just like a 401K

Yep. HSA is awesome. (Health Savings Account)


I get 1200 bucks a year put into the HSA by my company (I can contribute up to another 3k myself but dont). It's all tax free dollars if i elect any money into the system and it can be used for pretty much everything. Might get lasik next year with my 2400 dollars saved up in it.