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Flex Spending Accounts

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  • addygirl addygirl's Avatar 05-17-07 | 12:23 PM
  • 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?
  • skyqueen skyqueen's Avatar 05-17-07 | 12:51 PM


    Yes, we use it, and I'm finding more and more things that we can use with the flex spending too which is helping.
  • Janine Janine's Avatar 05-17-07 | 02:30 PM
  • 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.
  • Dopey406 Dopey406's Avatar 05-17-07 | 02:51 PM
  • 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.
  • Oreo Oreo's Avatar 05-17-07 | 10:54 PM
  • 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!

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