Baby Corner


 
Old 05-17-07, 12:23 PM
addygirl's Avatar
Community Member
 
Join Date: Mar 2003
Location: Illinois
Posts: 8,161
Thanked 33 Times
Points: 1
Level: 1
Weekly Activity 0.83%
Thumbs up Flex Spending Accounts

Do any of you have and use flexible spending accounts through your or your dh's job?

I used ours for the first time last year for the max on day care and just a tiny bit for medical. I am so
 
that I didn't start years ago!!

Seriously, if you have them as an option, check them out. Ask questions until you understand them! They can be a little confusing at first.
 


Be sure to ask your tax advisor/financial person if this is right for YOUR situation. In most cases it is!!!!!!!

Every dollar filtered through these accounts becomes tax FREE!!! not just tax DEFERRED!!! Learn the difference!
 


This coming plan year (ours runs with the July 1-June 30th fiscal year
 
) I will filter more than $9500 through our two options. Day care/preschool at a maximum allowance of $5000 per year and then medical of $4500. I am having Lasik in July, so that helps a LOT!
 


The medical part can be hard to figure out how much to sign up for. But if you know you have a recurring medical expense - chiropractor co-pay, counselor co-pay, etc. then there is a huge annual savings alone. In our plan TONS of over the counter medical type things are allowed.

Be aware - on our plan at least - once you commit to a certain anual dollar amount, you are locked in. If you don't use it, you lose it.
 
Most people estimate low on the medical part for this reason. If you know you/dh or a child needs dental work or some kind of medical procedure, figure in the out of pocket portion. Things like that.

Again - tax FREE dollars...FOREVER tax FREE dollars!

Ok, I'm done.
 
Can you tell I just filled out my paperwork for the next plan year.
 


If you do use one, does your plan offer a debit card of sorts for the medical part? Do you use one? Is it hard? Any pros/cons to offer?
Reply With Quote
 
Old 05-17-07, 12:51 PM
skyqueen's Avatar
Long Time Member
 
Join Date: Sep 2000
Location: I wish I knew...
Posts: 28,119
Thanked 422 Times
Points: 1
Level: 1
Weekly Activity 0.83%
Default


 

Yes, we use it, and I'm finding more and more things that we can use with the flex spending too which is helping.
 
Reply With Quote
 
Old 05-17-07, 02:30 PM
Janine's Avatar
is in love with the new man in her life!
VIP Member
 
Join Date: Jul 2001
Location: Broken Arrow, Oklahoma
Posts: 7,949
Thanked 179 Times
Points: 1
Level: 1
Weekly Activity 0.83%
Default

I wish I had signed up before I got pregnant cause I'm sure it would come in handy. I don't think I can sign up again until January.
Reply With Quote
 
Old 05-17-07, 02:51 PM
Dopey406's Avatar
is loving her husband and children!
Administrator
 
Join Date: Oct 2003
Location: Ohio
Posts: 24,935
Thanked 1,189 Times
Points: 882
Level: 10
Weekly Activity 3586.25%
Default

We use it, too. This is our third or fourth year using the Flex Account. We put $1000 in medical for this year and we've already exhausted all of that and more.
 
Char is having ear tube surgery in a few weeks and we'll pay out of pocket for it.

We'll probably bump it up for next year because we fell SO short this year.
 
Reply With Quote
 
Old 05-17-07, 10:54 PM
Oreo's Avatar
is all about the PINK!!!
Proud American Teacher!!
 
Join Date: Apr 2004
Location: In a State of Confusion
Posts: 9,601
Thanked 652 Times
Points: 2
Level: 1
Weekly Activity 5%
Default

ok --try the 2 the computer is flaking out on me.

Yes, we use flex for the 5K childcare plan. The money is payroll deducted so I never see or feel it go. Then I pay daycare, get the receipt, turn it in and they send a check. I put all the checks in my kids' saving account. It is our emergency fund ala Dave Ramsey. It will be funded to $5K by December
 


DH and I may use some to take the kids to Disney in a year, but by then we'd be over the $5K, so .....

It is a godsend for us for saving and budgeting!!! Believe it or not, we don't use the medical. I'm not sure what ours will pay us back for..... I probably should check into it. I just hate the use it/lose it part!
Reply With Quote
Latest Articles
Pregnant Woman's Guide to The Zika Virus
Get the latest information about the zika virus during pregnancy including how to protect your unborn baby or infant, signs and symptoms, complications, and prevention.

Fetal Development Video
Video showing how a fetus developed during the 40 weeks of pregnancy. Fetal Development Video

Adventure Vacations with Your New Family Are Possible
If you spent time as a couple exploring vast areas of the world, that doesn't have to end just because you have a new baby. Here are 6 tips to make your vacations fun for the whole family. Plus, vacation ideas to help you get started.

The "Mozart" Effect: How Music Helps Your Baby's Development
Can your baby really be smarter if your listen to Mozart, or other classical music, during pregnancy?

What to Expect Postpartum: Your Period
The postpartum period brings many changes to a woman's body. Learn what to expect with your period including when it will return and warning signs to watch out for.

July 2018 Baby Photo Contest Winner
July 2018 Winner
Congratulations Willow!

Calculators & Tools

All times are GMT -4. The time now is 10:52 PM.


Pregnancy | Fertility | Baby | Toddler | Community | Baby Names

About Baby Corner | Advertising | Editorial | Contact Baby Corner | Terms of Use | Privacy Notice


Powered by vBulletin® Copyright © 2018, vBulletin Solutions, Inc.