Comments on: Flexible Spending Account Ideas

By: Toban

Toban — Wed, 26 Dec 2007 06:11:51 +0000

It is my understanding that milage to medical appointments is FSA claimable at $.20 per mile for 2007.

By: kitty

kitty — Thu, 20 Dec 2007 22:36:49 +0000

“why arent you contributing to an HSA instead where your unused dollars are treated as a retirement account and not lost?”
HSAs come with high deductible plans. For many people this means a whole lot of out-of-pocket expenses. My employer offers HSA/high deductible too, but for me it would mean I am paying for everything.

Sure if one is young, healthy, single, has 20/20 vision, excellent teeth or is in lower tax bracket one doesn’t need it. But if one pays even a couple of hundred in co-insurance for things like dental cleanings/checkups and is in a higher tax bracket it is worth it. Also, if one needs glasses, one can always use leftover money for a new pair.

I am in 28% tax bracket, so it does save me money. Normally I just look at my ongoing out-of-pocket expenses and put that. Then I add anything expected – like a dental implant or a crown, for example. Last year I put there around $800 and used all of it. Add to it NY State taxes and you’ll get almost $300 saved.

One thing I might do if I have extra money next year is replace on of the older porcelain-on-metal crown with all-porcelain one: it’s on one of the back teeth, but I have a wide smile, and the dark line is showing under the gums. But I like the idea of stacking up on tylenol/aspirin too.

By: Colonel Cash

Colonel Cash — Thu, 20 Dec 2007 18:03:52 +0000

Great Ideas! Will mention on Money and Credit! Thanks!

By: bryan

bryan — Wed, 19 Dec 2007 03:40:45 +0000

why arent you contributing to an HSA instead where your unused dollars are treated as a retirement account and not lost?

By: Ryan S.

Ryan S. — Wed, 19 Dec 2007 02:00:43 +0000

I only wish my job had flexible spending plans for us. While the coverage I get from the job is grat, copays keep going up, and being in the 25% bracket, any savings helps!

By: dha

dha — Tue, 18 Dec 2007 23:53:35 +0000

First time commenter, I love your site. However, sometimes I wonder about the wisdom of FSAs. Just two questions: 1) How much have you actually saved by using FSAs? 2) How much have you “blown” in leftover FSA money or generally paid for things you wouldn’t have otherwise, just because it was there? Personally, I’m young, healthy, and single, and think an FSA would be a losing proposition for me.