flex spending account question

[rogers803]

Does anyone know if I have to return money to my Flex account if I return an item to the store for refund?

 

[chris1gill]

The answer to that question would be no you don't have to return money to the account.

 

[rhiansmom]

No but if it is a large costing item I would make sure you have enough other medical expenses that you haven't asked to be reimbursed for in case you get audited by the IRS or at the very least keep a copy of the original recipt without indication it has been returned.

 

[prncess674]

What did you return? How much was it? Did you use all of your FSA? Is there something else that you purchased OOP that would offset the returned item?

 

[BrettS]

Technically I think that you either need to return the money or purchase another FSA qualifiable item with that money, although if it's a small item you'll probably be OK.

It would really only be a problem if you get audited by the IRS and in that case you would need to provide receipts for FSA qualifiable items that total at least the amount that you took out of the FSA. Most stores mark on the receipt that the item was returned, so the auditor would probably notice that.

 

[rogers803]

it was a blood pressure monitor costing about $50 and a pair of reading glasses.
my total FSA is 1400.00.

 

[Piecey]

it was a blood pressure monitor costing about $50 and a pair of reading glasses.
my total FSA is 1400.00.

I'd do what the others said and use the money for other qualifying items and throw it in your folder.

I hate my FSA account but I can't justify not using it. They don't let me use my card anymore because I made a $4.50 copay for an urgent care office and didn't get the receipt to them. I just paid it back and they still have my card frozen, I have to fax them receipts now and they direct deposit into our account now. Gr.

 

[dreamin_disney]

I'd do what the others said and use the money for other qualifying items and throw it in your folder.

I hate my FSA account but I can't justify not using it. They don't let me use my card anymore because I made a $4.50 copay for an urgent care office and didn't get the receipt to them. I just paid it back and they still have my card frozen, I have to fax them receipts now and they direct deposit into our account now. Gr.

a card? I pay for my items with my own money then I have to submit the reciepts and a form with total cost. Then i get it automatically deposited into my bank account. Before i had Auto Dep they would send me a check.

 

[GOOFY4DONALD]

a card? I pay for my items with my own money then I have to submit the reciepts and a form with total cost. Then i get it automatically deposited into my bank account. Before i had Auto Dep they would send me a check.

This is the first year we got the card. Actually I kind of liked it the old way (even though the card is convenient). I would get the larger expenses reimbursed right away but hold on to the receipt for the smaler items that I was used to paying anyway (copays..over the counter meds) I would wait all year to cash them in. It felt like bonus money and we would always put in on our trip.

 

[bumbershoot]

FWIW, info about refunds might be different now, as the thread is from '08.

 

[dreamin_disney]

I've been hearing a lot about the flex card. My chiropractor only takes check or cash so how would that work if a person has a card? Even though its more work i like sending in my reciepts and getting the money direct deposit .

 

[bootleg89]

I have a card, but I also have the option of mailing or emailing or faxing my receipts. Works the same as the way it worked before I got the card. I can go online and get the "reimburse me " form and then send the detailed receipt for reimbursement. My receipts have to include date of service, pt name, doc/clinic name, service received (i.e. manipulation for chiro) and total paid. I prefer the card because if the service/item isn't FSA it usually knows and won't even let me use the card. For example Vitamin d3 and Fish oil are not approved.

 

[andrews_dad]

I never use the card. It does not make sense to me. I use my own personal credit card. I submit right away. I get reimbursed and pay off the credit card. That way I get the credit card reward.

One this same topic ... child number 2 is on the way. Is it a $5000 limit per child, or per family, for the day care dependant child coverage?

 

[gigi1313]

$5000 per family for dependent care... actually $2500 per working parent... we always paid our d/c oop and saved the flex money 1/2 for vacaction in august and the other 1/2 for Christmas... great plan if you can do it!

 

[andrews_dad]

$5000 per family for dependent care... actually $2500 per working parent... we always paid our d/c oop and saved the flex money 1/2 for vacaction in august and the other 1/2 for Christmas... great plan if you can do it!

I thought so. What a bummer. At $133 a week, times two (next one due soon) .... I could certainly use up more than $5000 worth annually. Thanks for info. Whew. daycare really adds up, doesn't it?

 

[msmayor]

I never use the card. It does not make sense to me. I use my own personal credit card. I submit right away. I get reimbursed and pay off the credit card. That way I get the credit card reward.

One this same topic ... child number 2 is on the way. Is it a $5000 limit per child, or per family, for the day care dependant child coverage?

To each his own, I guess...I love my card. I never have to fill out claim forms and snail mail anything. I never have to worry about a cash outlay for medical costs.

 

[gigi1313]

I thought so. What a bummer. At $133 a week, times two (next one due soon) .... I could certainly use up more than $5000 worth annually. Thanks for info. Whew. daycare really adds up, doesn't it?

tell me about it!! and $133/week is cheap (at least here on long island)... assuming that's fulltime care... i was paying more than that for one child for only 2 days/week!!!! CRAZY!!

 

[Ava]

To each his own, I guess...I love my card. I never have to fill out claim forms and snail mail anything. I never have to worry about a cash outlay for medical costs.

Same here, I love the card. I don't need to budget OOP funds for medical expenses since they are already "pre-paid" for the year.

 

[andrews_dad]

To each his own, I guess...I love my card. I never have to fill out claim forms and snail mail anything. I never have to worry about a cash outlay for medical costs.

I fax, and I have no extra charge for faxing as you would for stamps. Between day care and health, I flex spend about $8 K. Even if I only get the 1% back, that is a nice $80 in return. Much of the time I use a card that is better than 1%. Easy money!

 

[Piecey]

To each his own, I guess...I love my card. I never have to fill out claim forms and snail mail anything. I never have to worry about a cash outlay for medical costs.

When I had a card (through my employer's flex account) I just faxed receipts from work. I usually had the money within 3-5 days and liked it because as someone else said, I got credit card rewards. Best part was that DH's braces auto-bill to a CC ($155/month) and I just submitted the receipt which I printed off the Orthodontist's website... worked out pretty well.

Now we have a flex account through DH, who is a federal employee. Our insurance submits our co-pay amounts directly to the flex people, who direct deposit the money within (usually) 2 days. I usually get it before I even get a bill from the provider... but I still pay with a credit card to get the rewards.