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Flexible Spending Accounts for medical costs - use it or lose it?
Posted on 11/13/23 at 11:38 am
Posted on 11/13/23 at 11:38 am
Let’s say you have money (that you contributed/had deducted from your earnings) leftover at year’s end. Investopedia says you must ‘use it or lose it’.
If it’s not spent, where the hell does it go? Is it confiscated somehow? Does it disappear? This doesn’t make sense to me and I’m curious if maybe you just have to pay taxes on it and can cash it out somehow. Anyone have experience with this? TIA
If it’s not spent, where the hell does it go? Is it confiscated somehow? Does it disappear? This doesn’t make sense to me and I’m curious if maybe you just have to pay taxes on it and can cash it out somehow. Anyone have experience with this? TIA
4
Posted on 11/13/23 at 11:46 am to Nature Boy
Your company will claim it as other income once the grace period ends.
Posted on 11/13/23 at 11:58 am to Nature Boy
It is pretty frustrating how this system works. It's like they make you forfeit your leftover money, that should be YOURS, because it is too inconvenient to get the money back to you and remove taxes from it. It shouldn't be like that. Just let me charge all my medical expenses until I hit my max allowable for the year, then reimburse me.
Posted on 11/13/23 at 12:11 pm to Nature Boy
Why would you choose an FSA over HSA? Just what the employer offers?
This post was edited on 11/13/23 at 12:12 pm
Posted on 11/13/23 at 12:57 pm to Nature Boy
It was explained to me this way:
The full yearly FSA money is available on day one. Therefore there is a risk to the company if you spend more FSA money than you contributed (and then leave the company). The forfeited money the company collects offsets the money they lose. Hope that make sense.
The full yearly FSA money is available on day one. Therefore there is a risk to the company if you spend more FSA money than you contributed (and then leave the company). The forfeited money the company collects offsets the money they lose. Hope that make sense.
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