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Alternatives to Flex Spending Account?
Posted on 3/25/13 at 10:31 am
Posted on 3/25/13 at 10:31 am
My wife and I have pretty much had it with FSA. They request documentation for every single charge we make on the card and recently froze our account because there was a miscommunication about what documentation they needed for a partial co-pay of $9.75 for a pediatrics appointment.
Now with them lowering the max per plan year to $2500, I'm just not feeling like the pre-tax benefits are worth the hassle unless we are planning for one or two large medical expenditures. So, my plan is to set aside a couple grand for 2014 in a regular savings.
My question is there anything smarter/better that I can do? Are there any private alternatives?
Now with them lowering the max per plan year to $2500, I'm just not feeling like the pre-tax benefits are worth the hassle unless we are planning for one or two large medical expenditures. So, my plan is to set aside a couple grand for 2014 in a regular savings.
My question is there anything smarter/better that I can do? Are there any private alternatives?
2
Posted on 3/25/13 at 10:46 am to ZereauxSum
I looked at the 5000 FSA for daycare use and punched the numbers. It saves me some money but I opted out of it because I didnt want the headache and the total savings vs the tax credit wasnt that much in the end.
Posted on 3/25/13 at 10:54 am to Catman88
I never got the opportunity to use it for daycare. By the time the company I was with started offering it they were both in pre-k/elementary school. I can't imagine how much of a pain it would have been though because between the two of them they attended 4 different centers.
Posted on 3/25/13 at 11:00 am to ZereauxSum
Flex dollars are the suck IMO. Go HSA and don't look back.
Posted on 3/25/13 at 11:06 am to foshizzle
quote:
Flex dollars are the suck IMO. Go HSA and don't look back.
Dumb question probably, but can I set one up outside of my employer? They couple the HSA with their high-deductible medical option, which I want no part of.
Posted on 3/25/13 at 11:29 am to ZereauxSum
The HSA must be coupled with a High Deductable Health Plan, federal regulations. The HSA with the HDHP works well for me and my family. I use it as a saving for retirement plan.
This post was edited on 3/25/13 at 11:36 am
Posted on 3/25/13 at 11:43 am to CHSBears
Damn. I figured there was a catch.
We looked into the HDHP with my current employer when i started a couple years ago but it didn't make sense at the time. The premiums for a family were still kind of high. I probably need to look into it with a private insurer.
We looked into the HDHP with my current employer when i started a couple years ago but it didn't make sense at the time. The premiums for a family were still kind of high. I probably need to look into it with a private insurer.
Posted on 3/25/13 at 12:53 pm to ZereauxSum
quote:
They couple the HSA with their high-deductible medical option, which I want no part of.
Why not? They generally have a maximum out of pocket that is pretty reasonable. YMMV but my employer's plan is such that the amount I can save in the HSA exactly equals the amount I can with flexdollars, the difference being that HSA isn't "use it or lose it" and basically is a second IRA.
Posted on 3/25/13 at 1:11 pm to foshizzle
The use it or lose it crap is why I dont like the flex account. If I put 5k in to go towards that and my wife loses her job and stays home to watch the kid Im screwed.
Posted on 3/25/13 at 1:35 pm to CHSBears
quote:
The HSA must be coupled with a High Deductable Health Plan, federal regulations. The HSA with the HDHP works well for me and my family. I use it as a saving for retirement plan.
How does an HSA work from a user's perpsective?
We get one, and I contribute very little to it....but I have never used it. Wondering if I should put in more.
Posted on 3/25/13 at 2:44 pm to foshizzle
quote:
Why not?
IIRC, the premiums were not much lower than the low deductible option. That plus the high deductible plus the fact that we were making a lot of trips to the doctor (2 small kids and my wife has had minor-moderate medical issues for years) just made it seem unattractive at the time. I probably owe it to myself to take another look though since our reality is a little different now. Like you and Catman said, losing money at the end of the plan year is for the birds.
If I were single it would be a no-brainer. In the past 5 years the only visits I have made were for physicals.
This post was edited on 3/25/13 at 3:11 pm
Posted on 3/26/13 at 8:35 am to ZereauxSum
I think the "low" deductible plans are going to start seeing deductibles that come more into line with the HDHP's soon.
At my company the family ded on the "low" or PPO plan is 3K with 7500 OOP max on the HDHP it is 2500 ded w/ 5000 OOP max.....I was pretty shocked to see that when I started here as it was completely different at my last employer. Both plans are 80/20 after deductible with 100% coverage for preventative care no ded applies. The individual plan is where the difference in ded comes in but it still isn't much 1000 vs 1250 I think.
At my company the family ded on the "low" or PPO plan is 3K with 7500 OOP max on the HDHP it is 2500 ded w/ 5000 OOP max.....I was pretty shocked to see that when I started here as it was completely different at my last employer. Both plans are 80/20 after deductible with 100% coverage for preventative care no ded applies. The individual plan is where the difference in ded comes in but it still isn't much 1000 vs 1250 I think.
Posted on 3/26/13 at 9:44 am to dewster
I have contributed the maximum the last 4/5 years. The deductable with my employers plan is 2,000 a person and 4,000 a family and max out of pocket a year is 4,000. My plan has about 20/25 mutual funds to choose from and a interest account that adjusts quarterly (current 3%). With this plan, the administrator (bank) issues a VISA debit card for you to use. I use the debit card about once every six months for something like aspirin/naproxen just to make sure it still works.
Posted on 3/26/13 at 11:10 am to CHSBears
We put the max into ours $6250 I think for a family ... BCBS, individual policy.
We use it ONLY for BIG things ... braces, everyone needing eyeglasses/contacts at the same time. Husband had surgery in January so we used it for that. Ded is now met and we're covered 80/20 (our choice in plans to keep premiums low).
Basically it's for BIG things for us. Sort of an extra retirement account.
Isn't the amount you can put into it changing soon though??? Thanks Obama.
We use it ONLY for BIG things ... braces, everyone needing eyeglasses/contacts at the same time. Husband had surgery in January so we used it for that. Ded is now met and we're covered 80/20 (our choice in plans to keep premiums low).
Basically it's for BIG things for us. Sort of an extra retirement account.
Isn't the amount you can put into it changing soon though??? Thanks Obama.
Posted on 3/26/13 at 11:45 am to tiger91
Flex Spending Account amount was lower. I think HSA is still linked to increase in CPI, just like the increases in retirement accounts; 401k, 403b, defered comp and such.
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