Comments on: Flexible Spending Account [FSA]: Use It or Lose It

By: johnythomas

johnythomas — Thu, 01 Jan 1970 00:00:00 +0000

This is a wonderful opinion. The things mentioned are unanimous and needs to be appreciated by everyone.

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By: Philip Taylor

Philip Taylor — Thu, 01 Jan 1970 00:00:00 +0000

@ShawnKoehler The FSA plan administrator keeps the money and uses it for admin expenses or to bolster next years’ fund (entire).

By: ShawnKoehler

ShawnKoehler — Thu, 01 Jan 1970 00:00:00 +0000

Just completed open enrollment for benefits at work. I use a FSA , a fund to pay uncovered health care cost. Its a “use it or Lose it system” therefore hope my contribution estimates are not too much. Which brings me to wonder, who gets all that “extra” money from those who don’t “use it”?

By: ShawnKoehler

ShawnKoehler — Thu, 01 Jan 1970 00:00:00 +0000

Who gets the funds if you do not “use it”. The insurance companies? The government ?

By: PT

PT — Thu, 01 Jan 1970 00:00:00 +0000

@Pete – We’ve found that we didn’t do out homework when it came to the cost of delivery and all. We ended up running out and spending quite an amount on over the counter meds, band aids, etc.

Be careful and set aside a place to keep all those receipts.

By: Peter

Peter — Thu, 01 Jan 1970 00:00:00 +0000

I’m signing up for the FSA at my work for the first time this year. We know we’re going to have quite a few expenses this year due to the fact that we’re having our first child – so why not get some tax benefit!

Sounds like the company running our plan has it so that you have to submit your expenses via fax, and then wait for a check reimbursement. Seems like an old fashioned way to do it, but oh well.

By: Sam Jarvis

Sam Jarvis — Thu, 01 Jan 1970 00:00:00 +0000

I got the most for my flexible spending money at Healthwarehouse.com, a mail order pharmacy that also has great prices on over the counter stuff like diabetic supplies. They have free shipping on everything, and also have 90 day supply of generic meds for $9.50 (shipped free). Looks like they are licensed in most states and have cold and flu meds as well. They give away 100 free orders per month, so it’s not only a bargain, there’s a chance I get a free order!

By: Adam

Adam — Thu, 01 Jan 1970 00:00:00 +0000

I’m not a big fan of the “use it or lose it” mentality. I dont want to lose it. not even a little of it.

By: PT

PT — Thu, 01 Jan 1970 00:00:00 +0000

Excellent contributions, calshana. I checked my own company’s rules and they have a grace period like the one you mentioned. Nice.

As for the FSA limitations resulting from the health care reform legislation, thanks for pointing it out. Help me understand why those are “reforms”… ??

By: calshana

calshana — Thu, 01 Jan 1970 00:00:00 +0000

Most FSA plans now offer a 2.5 month grace period where you can incur expenses until March 15 of the following year. (i.e. March 15, 2010)

As a future consideration, please be aware that in the health care reform legislation that looks likely to pass, FSA contributions will be limited to $2,000 and will exclude over the counter drugs. This looks like it will go into effect in 2011.