Can someone tell me what a flex spending acc is

[mikehn]

Does anyone know how this works if my husband and I are on different insurance? This is the first year that my part time status does not allow me to be on his family plan. He will take employee/child coverage thru his employer while I have single coverage with mine. Can we do just one flex care account for the family (including me) on his insurance or does mine need to be seperate? I did not think this thru before my insurance closed open enrollment last month since I was always with him.

Form what I have read online it seems like I can be on his, but I wanted to see if anyone has had experience.

TIA

He can open one flex spending account and use it for the entire family

 

[crisi]

There is also a healthcare SAVINGS account, but its offered only with high deductible health care plans. That money is put in pre tax and is yours - mine is being saved for retirement healthcare expenses.

I never found an spending account to be a good deal - it was too much bother in terms of managing it and I couldn't do a good job estimating out of pocket expenses.

 

[WhitGB]

He can open one flex spending account and use it for the entire family

Thank you!

 

[gator75]

Thanks to everyone for answering my question , and with so much detaili apperciate it. Can you decide how much you put in or do they decide? also like in our case my dh is a diabetic and it seems everytime he goes to the dr it's another medication so is it better to start out small or go for the full 2,500 that is the most we can do.

 

[mikehn]

Thanks to everyone for answering my question , and with so much detaili apperciate it. Can you decide how much you put in or do they decide? also like in our case my dh is a diabetic and it seems everytime he goes to the dr it's another medication so is it better to start out small or go for the full 2,500 that is the most we can do.

You get to decide. But you must declare the amount you want at the beginning of the year. You cannot change the amount during the year. Look back at last years out of pocket medical expenses and that should give you a good idea of what to expect this year. The most common out of pocket expenses include deductibles and copays on medical, vision, dental, medications (both prescription and over the counter). There are a whole bunch of other expenses that qualify too, but too many to list.

 

[nanalisa]

Thanks to everyone for answering my question , and with so much detaili apperciate it. Can you decide how much you put in or do they decide? also like in our case my dh is a diabetic and it seems everytime he goes to the dr it's another medication so is it better to start out small or go for the full 2,500 that is the most we can do.

I am diabetic as well. As long as my doctor prescribes it, I can use my flex card for meters, test strips, lancets, needles, insulins, A1C blood tests and pills. It sure adds up. When I first started using my flex card, I started small but have increased each year. I've never had any left over and figured that if I did, I would get another pair of glasses.

 

[danygirl]

really important to know - if you leave your job without spending the money (I mean incurring an eligible expense prior to termination) you will lose your money. This applies even if you are let go, downsized etc. So if you get notice that your job will end in two weeks, spend the $$$$ immediately.

Other important note - the funds become 100% available in my plan on day 1 of the plan year. If you get reimbursed for money that hasn't been taken out of your check yet (say you have a big bill upfront) if you leave the company (if you resign or they let you go, either way) they can't collect the money back.

I love my FSA, used if for childcare and healthcare for years, it really helps you budget and save money. The max amount you can contribute is going way down under Obamacare, so enjoy your FSA while it is here.

 

[mikehn]

I am diabetic as well. As long as my doctor prescribes it, I can use my flex card for meters, test strips, lancets, needles, insulins, A1C blood tests and pills. It sure adds up. When I first started using my flex card, I started small but have increased each year. I've never had any left over and figured that if I did, I would get another pair of glasses.

two years ago, I was down to the end of the year and had $500 left in my account with no other medical expenses to use it on. So I ended up using the money to buy a $500 pair of prescription Maui Jim sunglasses. Didnt really need another pair of sunglasses, but better than losing the $500.

 

[chimilady]

two years ago, I was down to the end of the year and had $500 left in my account with no other medical expenses to use it on. So I ended up using the money to buy a $500 pair of prescription Maui Jim sunglasses. Didnt really need another pair of sunglasses, but better than losing the $500.

I did the same thing a few years ago. Bought myself some very nice Rx sunglasses.

 

[dreamin_disney]

I did the same thing a few years ago. Bought myself some very nice Rx sunglasses.

Thats nice. DD13 wear glasses and contacts but prefers several different pairs of sunglasses. I was sitting here figuring out how much I just set aside for next years flext account. Mine starts in July2013-June2014. next year in March I will be finished with dd's braces, other than that In july the only big expesne will be dd's glasses and contact but dh just got vision so we have double coverage. I'm planing on paying about $200 for glasses and contacts.

I'm able to set aside $2500 for flex account. I've figured out Dr. visits, RX's, glasses, contacts and mileage I will have $1300 so not sure what i can use it for especially over the counter stuff that dont need an rx.

as a back up I can use chiropractic serivices and maybe massage therapy(hopefully i wont need to because that will mean I'm doing better)

I was thinking of getting a new high blood pressure monitor( the wrist one) since mine is the old kind.

anything else?

 

[nanalisa]

Thats nice. DD13 wear glasses and contacts but prefers several different pairs of sunglasses. I was sitting here figuring out how much I just set aside for next years flext account. Mine starts in July2013-June2014. next year in March I will be finished with dd's braces, other than that In july the only big expesne will be dd's glasses and contact but dh just got vision so we have double coverage. I'm planing on paying about $200 for glasses and contacts.

I'm able to set aside $2500 for flex account. I've figured out Dr. visits, RX's, glasses, contacts and mileage I will have $1300 so not sure what i can use it for especially over the counter stuff that dont need an rx.

as a back up I can use chiropractic serivices and maybe massage therapy(hopefully i wont need to because that will mean I'm doing better)

I was thinking of getting a new high blood pressure monitor( the wrist one) since mine is the old kind.

anything else?

Don't ask that! You might jinx yourself. If you have left over money, get the DH more contacts. By the way, I can't use my flex for over the counter anymore, our HR dept said it was discontinued Jan 2011 (or 2010) due to Obamacare.