Flex health account?

PickyNikki

I am enrolling for the upcoming year and am wondering if I should enroll in the Flex account. Also, how much to contribute each month?

I'd be especially interested in hearing from anyone who already has kids. Thanks!

motovilova

I do not have one, but a co-worker does.  He puts in 100 - 150 per paycheck, I believe.  Just be careful, at the end of the year if you don't use all your money in the account you lose it.

Meganequine

I don't have a kid (yet), but do have a flex spending account.  I only put in a couple of hundred a year-- if you don't "spend it" you lose it.  (And, it's your money to begin with).   I would just base it off what your deductable is for insurance and any bills you know for sure you will.  If anything guess low!

NYBrideInWI

I would recommend enrolling for at least the amount that you'll need to pay of your insurance deductible (assuming you have a deductible). It really does save you 25-30% depending on what tax bracket you're in. If you contribute $500 to your FSA, your paycheck will only go down by $375 or so.

Also, if your employer has a dependent care flex account you might want to think about signing up for that too if you'll be using daycare - but a birth is a "qualifying event" so you can change your elections when the baby is born - you don't have to choose it now just because its open enrollment. 

greengirl0909

We put 1200 a year in ours.  We figured our by calculating what we would spend for sure in monthly prescriptions and doctor's visits.  (at the time, well child visits weren't covered, so we knew baby would see the doc at 1 week, 1 month, 3 months, and so on) We always have some things in mind we'd cover if we had extra money. DH would like a new pair of glasses, not a necessity but if we had extra that's what we'd spend the money on.

Also remember, if you plan on breastfeeding, your pump and supplies can be purchased with FSA funds.  

harmonicbabe26

You should start backwards - first estimate what you will need and know you will use (you either use it or lose it) and then calculate how much that is per pey period.

Also, research what is allowed to be reimbursed. About a year or so ago the regulations were changed. My friend used to tell me she always bought tampons and band aids with her leftover flex money. Now it is strictly medical expenses.

Plus breast-feeding supplies which I had no idea about but that is FANTASTIC!! Do bottles qualify for that too?

shanad

Like PP, I calculate backwards.  My prenatal prescription are $40/month.  You need to continue to take them as long as you breastfeed after baby, so calculate how many months left in the pregnancy and how many months after.  I also add a little extra, bc with DS, I had high BP and had to go on meds for that too.  Then I add in my deductable for the year.  Look up or ask your doctor if you will have a glucose test or any blood work later in pregnancy (after Jan1), those also count towards FSA.

I always round up a little.  If I don't use it for medical expenses for me, DH or baby, I get a new pair of prescription glasses or prescription sun glasses to use my money before they take it at the end of next year. Like PP say, it is your money, but its use it or loose it.  Find out what is covered by yours and come up with a plan/budget. 

Mine also covers tylenol etc, so my co-worker would stock up on kid supplies if she didn't hit her limit.

soralette

NYBrideInWI:

I would recommend enrolling for at least the amount that you'll need to pay of your insurance deductible (assuming you have a deductible). It really does save you 25-30% depending on what tax bracket you're in. If you contribute $500 to your FSA, your paycheck will only go down by $375 or so.

Also, if your employer has a dependent care flex account you might want to think about signing up for that too if you'll be using daycare - but a birth is a "qualifying event" so you can change your elections when the baby is born - you don't have to choose it now just because its open enrollment. 

Totally agreed with this! We put enough in the FSA to cover the limit up to the insurance's yearly out-of-pocket maximum and expect to go through it all, because our LO will be born during this plan year. We'll lower it again next plan year.