So I mentioned in my last blog that I now have a flexible spending account credit card that was forced upon me. I realize that at this point I'm looking a gift horse in the mouth because I've had to have some dental work done will be able to use the card for that, but still, I did not choose to participate in a flexible spending account.
When I changed jobs, we looked at the benefits from my new employer and Glenda's employer, and taking the family plan from her employer was much cheaper. They had no restriction that spouses must take their employers insurance if it is available to them (my last employer had this stipulation). One good thing about doing this is that my company reimbursed me a bit of money every month as an incentive.
At the beginning of this year, I get a letter welcoming me to our flexible spending account plan. I'm like, whiskey tango foxtrot people, I didn't sign up for this. I've been blessed in that I've had no major health problems, and I rarely get sick enough to visit a doctor. My only real medical expense that I could claim would be contacts and associated solution. Glenda participates in a FSA because she has a lot of expense associated with her diabetes supplies, so it makes sense for her. A few days later, I get a letter at home explaining that, as a cost saving venture, I would no longer be reimbursed on my paycheck every month, but that a FSA was setup for me and the balance of the year's reimbursals would be added to the account and that I was free to add more pre-tax money to it as I choose.
So, at first, I was really upset that I was being forced into this, and in a way, I'm still upset about that. But, after contemplation, I can see where I should probably start adding more to it each month. I'll be using this year's balance for my dental bill, but Glenda usually ends up spending all of hers by mid year. If I actually contribute pre-tax money to mine, then she can start using it when hers runs dry, effectively saving a bit of money each year.
But still, even though it is overall something I needed to do for myself, I'm kinda ticked off that it was forced on me. I'm like that, though. :-)
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3 comments:
I don't know what the deal is with it being "forced" on you, but a pre-tax FSA is cool, and they are generally getting more convenient as they move to automatic claim processing, credit cards, and direct deposit reimbursements. 10 years ago they were pretty cumbersome and no one really knew wtf to do with them, so they weren't all that popular.
Just remember, if you don't spend it in that calendar year, you lose it. E.g. if you have $800 left to spend and it's December 15th, then it's time to call up Lasik Plus and have them do one eye. :-P
Yeah, that's one of the main reasons I never did it just for myself.
Actually, I think the law was changed, and you have until March 15th of the following year to use the money.
Lincoln Financial owns Morgan's station, and this year they started HSAs. We are healthy (knock wood), so we signed up. Besides our contribuions, the company added $1000, and we can take all the money in the account with us when she leaves.
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