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cocojack10
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FSA Accounts ?
cocojack10
member
Anyone familiar with these accounts? I had it last yr, and not sure if it is worth renewing it this year... not sure if circumcision is a qualifiying expense. I've searched a bit online, and the only thing it says is "cosmetic surgery is ineligible." This is considered comsetic, right?
-- Jackie
"If we couldn't laugh we would all go insane" -- Jimmy Buffett
"If we couldn't laugh we would all go insane" -- Jimmy Buffett
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Re: FSA Accounts ?
I've always had one and got good use out of it, but my employer did put out a notice a few weeks ago that things are changing for the upcoming year. I'm not sure if this relates to only my company or if it's part of a new federal guideline (I'm thinking it is more widespread, but I can't remember), but I won't be able to use my FSA for anything over-the-counter unless I get a prescription (which sorta defeats the purpose of it being OTC).
But, it's great for doctor's office copays and prescriptions, if you can accurately estimate what those might be.
IDK about using the FSA for circumcision. Do you have a benefits person you can ask?
Our insurance rep said the changes are due to the new healthcare reform act being implemented in Jan. I agree that getting an RX for an over the counter medicine (ie, Zyrtec) is a bit redudant. And yes, copays fall under FSA qualified item, but well visits will no longer require a copay... only if sick (as part of new act).
"If we couldn't laugh we would all go insane" -- Jimmy Buffett
Update - I asked the insurance rep. She said as long as it was part of the hospital bill, it is covered. Also, since vaccines and well visits are now "free" under the healthcare reform, no need to budget for them under FSA.
Thanks!
"If we couldn't laugh we would all go insane" -- Jimmy Buffett
Patients wont have to pay an out of pocket for well visits now? I dont follow this stuff much, so I am really curious to know what the deal is
Commencing Jan 1... that is what our rep explained to us!
"If we couldn't laugh we would all go insane" -- Jimmy Buffett
So 2 things, first, just FYI, the new insurance rules (like no cost for preventative care) don't start applying until your policy renews (starting a week ago or so), so for lots of people that's Jan 1, but for some less lucky, (me, boohoo) an August renewal date means nothing will change for almost another year.
Also, as far as I know, the FSA OTC exclusion applies to everyone. Don't forget though that you can also use it for things like dental work (as long as it's not cosmetic) and eyeglasses- I'm not sure if this is everyone, but it's true for ours. DH and I get a lot out of ours, especially when you consider that the tax savings come out of the top bracket you pay!