Tuesday, November 28, 2006

Flexible Savings Account

I submitted my paper work for the Flexible Savings Account (FSA) to the benefits company. For 2006 $500 was set aside pre-tax for my medical expenses. This is my first time using a FSA, so I hope all goes well.

From the beginning of the year I kept a folder labeled FSA. All receipts and any other paper work related to doctor's visits, prescription and supplies were placed in this folder. Last week I finally ran the numbers and realized I was past $500 so I decided to go ahead and submit everything.

Next year I will set aside $300. The reason for the decrease is that I got my reading glasses and sunglasses this year so they should be good for at least two years.

As soon as I get the check I will let everyone know.

Does anyone have any experience with FSA good or bad?


Single Ma said...

Love FSA. Just hate the use or lose. My mom lost $1,000 last year because she forgot about it. Otherwise, it's an excellent benefit to use pretax money on things you would normally buy anyway. Just try your best to plan accordingly.

For ex: I'm putting aside exactly $3,000...the balance on my BabyGirl's braces. Can't go wrong with that because I have to pay for it anyway.

Overall, you made a good decision.

Bklyn Diva said...

its a fabulous decision!!! I love my FSA and was upset when my company didn't have it when I first started.. Now we do :) which is a plus.. upset at the limits they are placing because federal limits are different but they are in the start up stages..

*fyi be careful on the reading glasses.. your prescription may changebut then again I don't know if you are as blind as I am since you said only reading and sunglasses LOL*

like single ma.. I calculate exactly what I want to do the next year in my planning.. I just did mine for the max of 2500 since I'm getting laser surgery next year.. it sucks that it won't cover the full cost but at least majority will be done pre-tax.

Tired of being broke said...

I am going to look to see what amount am using for next year.
Single Ma am not loosing mine, I love my money too much..

BKDiva it is just for reading. I see ok, except if am reading, then its a wrap, its all a blur.

Ms. MiniDucky said...

I LOVE FSA! It's funny that a coworker whined at first about how she wished she had that before she had her wisdoms pulled. Then when I explained the program (use their debit card or submit paperwork, cause she couldn't read the dang newsletter herself!!!) she decided that she would just forget to submit and lose her money anyway.
*tsk* like you, I loves my money too much. Plus they email you with reminders to check your balance now.