Replies to This Discussion

Permalink Reply by David on March 23, 2009 at 7:07am

Absolutely! You have to take every advantage they offer you now. I put $3500 pre-tax dollars away this year for my wife and I for meds and pump supplies, co-pays for visits, and misc. I kept track of last year and that $ figure is pretty close. The tax savings is almost $1000. Not too shabby. Besides, i never miss it from my check, and when i get it back as a credit, it's like free money. Of course you have to pay it out to get it back, but it seems free!

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Permalink Reply by debb on March 23, 2009 at 8:10am

my son has something like this where he works, but it isn't a use it or lose it. his company takes out the amount he has agreed to (don't know how much) and at the end of the year whatever isn't used goes into a separate savings account that he has with them. then they start over again with the new year. also when it is transferred over to his savings account it includes interest. they don't put any of their money into it though. it's not a bad idea.

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Permalink Reply by Diabolical Diabetic on March 23, 2009 at 8:32am

I loved it when I had one. Now I'm underinsured and paying as much for my 'slin as I would if I had no insurance. *Sigh*

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Permalink Reply by Sylvia on March 23, 2009 at 12:28pm

So now I wonder how many of us are using the FSA because we are NOT fully insured. I'm not insured at all but I'm pretty savvy and thank Goodness I don't have to be on insulin.

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Permalink Reply by type1steve on March 23, 2009 at 2:27pm

I use an FSA to cover out-of-pocket expenses (e.g. deductables, co-payments) not covered by my insurance. You can save quite a bit of money (depending on your tax bracket), just be prepared for a lot of FSA paperwork you'll have to do to justify reinbursements - which is a big pain!

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Permalink Reply by Sweeter on March 23, 2009 at 6:26pm

We do it through hubby's work. I just wish his company would use the debit card system where you can a Visa type card to pay for FSA stuff and don't have to mess around with reimbursement forms.

We don't put a whole lot in though. I think this year is uner $1000. We don't have co-pays. In the years when I think I'm going to get new eyeglasses we put in a few hundred more. I suppose when DS gets braces we'll be upping it even more.

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Permalink Reply by Samantha on March 23, 2009 at 6:39pm

I have used one in the past and it was awesome!

Copays, meds and some over the counter stuff qualify. Glasses etc.

Ours was easy we were issued a debit card and signed up for the amount we wanted withheld for the year. We could use the money before we actually had it in the account. Occasionally the administrators would ask us to verify with the receipts what we purchased. This always happened when change was involved since most co-pays are even dollar amounts.

Wish I had one now. Saved income since it was pre-tax!

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Permalink Reply by Karen on March 23, 2009 at 7:12pm

Considering I take $4000.00 a year out of my paycheck for the FSA, you can tell my insurance is not great.

My company has the debit card but then sends in snail mail that they want verification, so then I have to fax to them every receipt.

I do some sort of D related paperwork(bill) almost every day.

It is a pain in the a$$

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Permalink Reply by Rick Phillips on March 23, 2009 at 7:58pm

You can also use one of these accounts to pay for health insurance premiums. Most employers will pay all health insurance premium costs from the section 125 plan. That makes those premiums pre tax. if your employer does not do this you should ask them to start. It is an employer option, but as the the employee cost of health insurance raises, this benefit makes more and more sense.

Remember you can also claim dental, vision, and certain non prescription drugs using your 125 plan. For instance, alcohol swaps, used for shot prep with or without a script.

One more thing, be sure you use the funds, it is a lose or use benefit. One good strategy for using the dollars is to get your eyes examined at the end of the year. If you wear glasses, or anyone in your immediate family does, a vision exam is always welcome. You can also buy items that you do not need a script for in large quantities at the end of the year. For instance many people buy a years supply of contacts if they have money in their account at the end of the year.

rick

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Permalink Reply by Sylvia on March 23, 2009 at 8:58pm

hmmm sounds like an Accountant to me!! LOL thanks for the info.

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Permalink Reply by Kelly Rawlings on March 30, 2009 at 10:40am

Other ways to use up money in a 125 health flex spending account (and some plans let you make purchases into the new year, as long as you claim the expenses by March 15--check with your plan to know for sure):

alcohol swabs
aspirin
glucose tablets, gel, or liquid (you can't claim Life Savers or juice)
glucose control solution
lancets
new meter or lancing device (never hurts to have a spare)
glucagon kit (these always seem to be past expiration date!)
prescription eyeglasses or sunglasses, contacts

*Note: I can't remember if my plan lets me claim insulin pump batteries or not, but it will let me claim battery covers and those little plastic screw-on thingys that fit over the insulin cartridge.

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Permalink Reply by Sylvia on March 30, 2009 at 10:47am

Good information!

I know that often OTC meds can be counted as well as vitamins, cold meds, flu shots etc.

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