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?