Flexible Spending Account - NBR (sorta...)

jules121606 · November 2011

(Sorry if this was already discussed before)

So it's that time of the year again where we have to re-enroll for our benefits for next year. I'm debating whether or not to sign up for a Flexible Spending Account in addition to my regular insurance. Does anyone else have a FSA? Any positives or negatives about them? I know you have to use all the money during the calendar year or you lose it. Any feedback is appreciated. TIA!

Cholzmei · November 2011

I don't have a flex account, but I do have a Healthcare Savings Account. I love it. I always have a lot of medical expenses. I have thyroid disease and really horrible teeth (plus I wear contacts) so I knew I would have no trouble at all using up the money in my account. I was also planning for a pregnancy when I decided on the amount I put into the account. I would highly recommend it to anyone. It hasn't been a big hassle at all so far. I think I've only had 4 transactions (out of dozens) that weren't automatically approved, and you just have to send in an Explanation of Benefits or receipt to get the transaction approved. I like the concept so much that I am considering getting one for Dependent Care for childcare expenses.

I guess the only downside is that you get less take-home pay each month, but of course, your money is still there for you to spend (and all of it is available to you on the first day of the new year, even when you've barely paid anything into it yet). It really helped me with my healthcare budget this year.

waltzingmatilda13 · November 2011

I used an FSA a couple years ago and I'll sign up again after I have the baby. It really does save you money because everything from that account comes out tax free. Just be careful when you add up your projected medical expenses for the year, because if you don't use it, you lose it. Also check to see if you have to file claim forms or if you get a debit card of some sort.

I really want to sign up because you can set up to $5,000 per household to be used for child care. $5,000 tax free will really add up over the course of the year

greengirl0909 · November 2011

We've had ours a couple of years now and really like it. Of course, I liked it more when you could use it for OTC stuff, but whatever. One thing that is nice now is that you can utilize those funds for breastfeeding supplies if you are planning to feed that way. It can really help to have that money set aside for a pump and bags,etc.

makinithappen · November 2011

I'm doing both the Healthcare account and dependant care. Right now, it only has money for S in the dependant care, but I will change it once the baby is born. I also included the 2 deductibles in the healthcare FSA and will increase it once we know about what the bills will be....having a baby is a qualifying event to open them up.

GoldenGibson · November 2011

We used one last year and will use one again this year. I love it, it really saves us a TON of money! Dh had lasik eye surgery last year and we used our FSA for that and we are going to have a lot of copay for Dr visits in 2012 with the baby. I don't see why anyone wouldn't do it. The biggest thing is keeping track of your medical expenses from the prvious year so you know how much to put into an FSA for the next year.

ktgurly · November 2011

My husband and I used one this past year for the first time because we have a lot of medical bills every year. It has been wonderful! We can plan on the same amount coming out of my husband's check every month instead of having a $400 bill one month and $50 another. It's a lot easier to plan and it's tax free!

psychgirl33 · November 2011

waltzingmatilda13:
I used an FSA a couple years ago and I'll sign up again after I have the baby. It really does save you money because everything from that account comes out tax free. Just be careful when you add up your projected medical expenses for the year, because if you don't use it, you lose it. Also check to see if you have to file claim forms or if you get a debit card of some sort.
I really want to sign up because you can set up to $5,000 per household to be used for child care. $5,000 tax free will really add up over the course of the year

We do the medical. And this year I'm definitely doing this! Having the money taken out pre-tax helps us a lot. And it's not like I wasn't going to spend the money and daycare anyway. Our big dilemma is figuring out how much we need. Because I don't work in the summer and my MIL has talked about taking the baby a couple days a week.

makinithappen · November 2011

GoldenGibson:
we are going to have a lot of copay for Dr visits in 2012 with the baby.

Remember that preventative care should be 100% covered now. You should not have to pay for all the well baby check ups and shots unless you have certain individual insurance.

mrsawtry2B · November 2011

Coming from someone who works in HR, I highly recommend (and use) FSA. It's great for daycare and medical expenses. They are two separate accts though - one is strictly for daycare expenses (child or adult) and one is for medical expenses that the entire family can benefit from (even if they aren't on your insurance). Just be careful. ALL FSA accts are "use it or lose it" kinda things. If you elect $2,000 in medical, but only spend $1,500 that year, you lose your $500, so it's important to know how much you will spend in a given year. Dependant care is a little different because most people will spend more than the max of 5k allowed for this acct.

MamaValley · November 2011

I'm so glad this came up!! I had a conversation about this with DH on lunch today, and we were kind of torn. Open enrollment ends for us tomorrow, so I am under pressure to make a decision. After reading this thread my mind is made up - I'm signing up!

amor_eterno · November 2011

Thanks so much for posting! I've been wondering about this!

MrsJetSet · November 2011

We just finished open enrollment and opted for a Health Care Saving Account. I would check when is covered in your account before deciding on the amount to opt in. All nursing supplies are covered (even a cooler for milk during the day) on my plan. With a doctors note I can also get any lactation consultant visits and BF class fees covered. The biggest downside of our account (but not all accounts) is that the money is not available until it is deducted from my paycheck.. so to build up to the cost of a pump it is a couple months of paychecks. I also found out you had to buy the pump, not rent it on my plan.

We also plan to participate in the dependent care savings account, but you have to have a dependent first, so that will happen after birth.

Want a personalized experience?

Flexible Spending Account - NBR (sorta...)

Re: Flexible Spending Account - NBR (sorta...)

Choose Another Board

Search Boards