2012 Flex Spending Accounts (FSA)

Stella2008

So I work in HR and I should totally be able to just handle this, but I wanted to throw it out there for the group. For those of you that offer health care FSA's at work, are you planning on participating in 2012, and if so, what are you thinking of contributing?

I am totally on the fence. I am upping my 2011 amount significantly as soon as this baby is born because I grossly underfunded it last year, as we did not know if we would be having a 2011 baby or not. So I'll have $1500 in my 2011 FSA that I know will all get used after our our out of pocket costs get processed through insurance (80% coinsurance with a high out of pocket max).

It's so hard to "predict" for 2012. I'm thinking of putting in $1000, especially now that breastfeeding/pumping supplies can be purchased using FSA dollars, but I hate the idea of the "use it or lose it" if everything goes well (no new pump needed, no out of normal health issues, etc.). I know I can just buy lots of over the counter/supplies/contacts etc., but I'd hate to do that just because.

Anyone else given this some thought?

Moozilla11

The company DH works for puts money into the Flex account every year as a good health incentive. For this year we had $1500 in the account which we used as our deductible. For next year the company is doing the same thing but I believe DH is adding to it for emergencies.

chantico23

Definitely contribute!  Everyone is different as far as the amount.  It depends on what is covered under your insurance (vs. what will an out of pocket expense), as well as how often you typically need medical care.  My plan started Oct 1st, so my delivery is a part of FY12.  Therefore, I selected $3,500.  I think the delivery will be at least $2,000 out of pocket, probably closer to $3,000 with baby expenses.  And my plan covers my whole family, so there are 4 of us that I had to consider.

NewMomAlyssa

Do you know your co-pay for doctor's visits? Because for the first year of baby's life, there  are a LOT of those. We had a high deductible plan so basically paid for all the visits so the HSA was great for that. You can add up all the visits the first year and see how much that will cost. Then add the cost of your annual exam, birth control, etc. We can also buy medicines etc with ours. We put in as much as we are allowed but have very flexible rules about how we spend, and, it doesn't expire at the end of the year.

chankins14

Plan on co-pays for your 5 planned visits (weeks after birth, 3 month, 6month, 9month, 1 year) and a few Urgent Care visits.  I think we were in UC 3 or 4 times with DS his first year & he was pretty healthy.  But as a new parent you always go with better safe than sorry & take him in.  I plan on contributing $500 for this LO, but I won't deduct BFing supplies since I already have a pump.

indomesticbliss

We have a 3k HSA, my annual exam is covered, all kids wellness exams are covered, and DH and I get a $500 allowance for non-illness related medical.

With 2 kids, we chose to put aside $1250. We probably aimed low, but unless I'm pregnant, we only visit the doctor for annual exams and our meds top out at $150 annually. Since both kiddos are covered, this will be for sick visits for them, and also for my L&D if I got into 2012.

Check into your policy and see if your annuals and the kid's wellness exams are covered.

kylayton

This question stresses me out.  I am dropping my insurance after the baby is born and we will both go onto my husbands plan.  HSA with a high deductible plan.  I just don't fully understand how it works.  I need to learn about it and have been putting it off.

iluvmylab

I actually just did this because I'm a teacher and my plan runs from September to August like our school year.  We included:

-deductible and out of pocket max (since we knew I would meet it with L&D)

-co-pays for dentist (DH has bad gums and goes 4 times a year and 2 are not covered by insurance) & eye doctor for DH and I

-the cost of my contact lenses, they always run about the same amount and are quite expensive because they are 30 day, night & day contacts.

-money for prescriptions that DH always uses for his terrible gums! 

-a little extra for me to get a pair of glasses this year 

After the baby is born, we will add additional money to cover a few co-pays for his doctor visits. 

 We didn't include the cost of a breast pump because I was told it would probably have to come from a medical company.  I found way cheaper prices on Amazon, so there was no need to spend more money just to use the FSA. 

 They changed some of the rules with over the counter stuff this past year or it's changing in 2012, so you may want to look in to that. 

 

teetime345

Definitely contribute, and like others have said, consider all the appts you might have, all the copays you will have, your deductibles and out of pocket expenses, meds, etc.  It adds up quick. 

DH and I contribute enough to cover deductibles, copays, prescriptions, dental, and extra for emergencies.  Since we'll be adding a LO for 2012, we will increase the amount we usually contribute.  Why not?!  It's all pre-tax dollars anyway.

uncharch7

we are not. all doctor's well visits are covered 100% with no copay and it's too hard to predict the unexpected visits. since my delivery could be on 2011 or 2012, it's too risky for us to plan on that cost. my annual exam is covered 100%.

EveryNameIWantIsTaken

DH's company contributes $1500 each year and this year we went through that by May.  We both wear glasses or contacts and we use that for the rest of what our vision insurance doesn't cover.  Also for prescriptions because our prescription coverage sucks.  And we have to pay all non-routine medical expenses until we meet our deductibe.  One visit to the pediatrician is somewhere around $75 if ds gets sick.  It goes really quick with a kid.  We may contribute some of our own this year since I know we will always be able to find a way to use what we put in.

The year before we went through it by Feb. because ds had to have a $1200 round of allergy testing.  Ugh.

lewis514

We only do $500 for the family deductible since we can't do OTC items anymore - that was where I used most of it in the past. My plan pays 100% for well visits (so no co-insurance). Even being pregnant, we've only put out ~$1,000 for all 3 of us this year so far.

Stella2008

Thanks for all the replies. Since I know we will have a 2011 baby (induction scheduled 11/28), none of the L&D will apply. Since my doctor charges the 6 week follow up appointment in the "global bill" for the delivery charge there will be no cost for that to us. All wellness visits for baby, me, DH, and DD are covered in full with no co-pay, so we would have nothing for that.

We are in a HCA plan where my husband's employer pays the first $1000 of claims (negotiated rate), so I am thinking that most of the "sick visit" charges will come out of that bucket. With DD, we only took her in 3 or 4 times during her first year for non-standard wellness visits, so that only ended up being around $400. We don't take any other regular Rx or anything, so I am thinking the FSA will mainly be for:

-dentist annual deductible ($75 for three of us) and potential charges (my guess is around $100 for co-insurance)

-contacts/glasses (new visition plan where we have greater benefits and no co-pays, so I am expecting this to only be around $300 for both DH and I)

-potentially new breast pump ($350) and replacement parts ($150)--I exclusively pumped for DD for 10 months and am going to try and use my same pump again (Medela freestyle), but have a feeling that it will die at some point next year just due to sheer use. I order all of my replacement parts from amazon and then just submit claims (did this for stocking up on replacement parts to prep for this baby) and had no issues.

So, I think putting away $1000 is a safe number. We have an extra 3 month grace period, so I would have until March 2013 to spend it all if I needed it.

I hope I am not forgetting anything else--aahh--too many things to think about!