Comments on: My Magical FSA Card

By: Diane

Diane — Wed, 16 Mar 2011 16:27:13 +0000

I'm a huge fan of FSAs and never seem to have trouble spending it all. The rules regarding OTC meds have changed this year, so It won't be quite as easy to burn up the balance the last week of December as it has been in the past. Hint: If you wear glasses, you can pick up a spare pair or buy more contacts.

Here's a key point regarding FSAs: They are front loaded. The entire amount you choose to have withheld is available to you on January 1. For example, should you use it all up by March 1 and then leave the company on June 1, you do not have to repay the money, even if you've spent more than you had withheld. That's the flip side of "use it or lose it" which pfstock mentioned.

By: One Frugal Girl

One Frugal Girl — Thu, 03 Mar 2011 01:33:48 +0000

@graduatedlearning – The OTC change really stinks, but I think you can purchase other things like heating pads, thermometers, etc.

@pfstock – I did consider that. It was one of my concerns, especially since my current work environment is a little bit dicey.

By: pfstock

pfstock — Wed, 02 Mar 2011 17:39:57 +0000

My usual comment about FSA plans concerns the "use or lose it" provision. My experience is that if you are terminated without cause (i.e., laid off), any money that you have left in your FSA plan will be kept by your former employer.

This also applies if you voluntarily leave your job during the year. So, I was curious if you took that factor into account when you decided how much to contribute?

By: graduatedlearning

graduatedlearning — Wed, 23 Feb 2011 01:35:53 +0000

I think I may have over-estimated how much I was going to spend on health expenses. Plus I didn't realize they had changed one of the rules for OTC medication…you now need a prescription in order to be reimbursed for OTC meds. But I'll try to find a way to spend it.

By: Ruby Leigh

Ruby Leigh — Wed, 23 Feb 2011 01:22:40 +0000

A friend of mind had too much money in her FSA account at the end of the year, so she made a trip to Target and stocked up on bandaids and ibprofen. Just a thought.

By: Maggie

Maggie — Tue, 22 Feb 2011 11:49:18 +0000

With Kids, the FSA is a wonderful thing and they did get so much better when they started the debit cards. I just emptied Hubby's with the reciept for my 11yo's new braces.

By: Maureen

Maureen — Tue, 22 Feb 2011 09:37:24 +0000

For $300 a month I would have camped out in my Dr,s Surgery.

This sounds like a great idea, although i have never heard of it here in Australia.

By: Sarah

Sarah — Tue, 22 Feb 2011 03:09:00 +0000

I am considering doing an FSA for the first time too. Our fiscal/insurance year starts July 1st, so I need to start getting info on this... please post again about how it is going!

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