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#1
Feb 26, 2007, 01:23 PM
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FSAs
Do any of you have Flexible Spending Accounts at your jobs? We just got one where I work, and it's a big help with therapy bills. They just withhold a little money from each of my paychecks and put that into a separate account. I then send a statement of my therapy bill in and they reimburse me from that account. I've already been reimbursed more than I've contributed yet (you can do that because you have to commit to contributing a specific amount each year) and that's helpful. Also, I'm not being taxed on the money that goes into the separate account, so that's a big saving. Anyway, do any of you guys have this? This is the first year of work where I've ever had a flexible spending account so am just now getting accustomed to it. Seems great though. I might have asked my employer about it ages ago if I'd really known anything about it. Sidony |
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#2
Feb 26, 2007, 01:32 PM
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Sidony, yes I have used FSAs. Last year we put $5000 into one for the whole year, BEFORE taxes. That is so useful. We used up the whole $5K in uncovered medical expenses (you can even get reimbursed for aspirin and cold medicines) so got full reimbursement. There is a little bit of tension toward the end of the year to see if we actually spent the $5K or not, since you have to guess at the beginning of the year how much you will actually spend, and if you don't spend that much, you can't get the extra money back. But we made it this year. This year we only put $2000 in the account as we didn't anticipate as much medical expenditures in 2007. You can also have an FSA for childcare.
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"Therapists are experts at developing therapeutic relationships." |
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#3
Feb 26, 2007, 01:40 PM
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Very cool! They only let me put in $2400 for the year. I'm sure I'll use it all though.... :-)
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#4
Feb 27, 2007, 12:09 AM
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I had it at my former job. I really saved a lot on taxes. I wish I had it where I work now. Sounds like you are using one of your job benefits.
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#5
Feb 27, 2007, 12:15 AM
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I have an FSA. Last year I didn't put in enough and ended up spending about 2k over what I had allocated. I'm still being conservative (ever hopeful) but I've more than doubled it. And my net take home was only reduced by about $10 over last year!
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W.Rose   ~~~~~ “The individual who is always adjusted is one who does not develop himself...” (Dabrowski, Kawczak, & Piechowski, 1970) “Man’s mind, once stretched by a new idea, never regains its original dimensions.” (Oliver Wendell Holms, Sr.) |
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