New Jersey Nesties
kmslwsmrs
member
Dear Community,
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Can someone explain FSA to me?
This is a new option for my husband's contract next year in terms of insurance. From what I understand, you get money taken out of your paycheck and it's not taxed, and you can use it for childcare. So, if we're paying $1500/month for childcare next year (I think I just puked a little bit) I can get that taken out of his check and then how to I pay the childcare? Sorry, he has a bunch of paperwork on it but I'm half braindead at this point in pregnancy and I need it in idiot terms to understand.
Re: Can someone explain FSA to me?
it's a 5k per year limit for the dependent care FSA per family. there is a 10k limit per year (5k per working spouse) for an FSA to cover costs of medical things that qualify. A set amount, depending on how much you elect during open season, is deducted from each paycheck. I think it's like 192/paycheck for us since we claim the full 5k. I submit my claim at the end of the year all in one big sum since it's not worth it to me to do the claims in small intervals.
I think 1500/mth for 3 kids is pretty damn good-we've been payin 1935/mth for just 1.
BFP #2: 11/16/11: M/C at 7 weeks
BFP #3: 03/24/12: C/P 03/28/12
BFP #4: 04/26/12: please be our baby
I assume you mean a dependent care FSA and not a health care FSA, but you might want to check if they have both kinds.
You can take a max of $5K out of your paycheck pre-tax. You will get reimbursed for childcare expenses. But the way it works for MH's FSA is that they evenly take the 5K out of his paychecks and then once a month distribute reimbursement checks for up to the amount currently in the account. So early Feb we mail in a claim form for Jan's tuition and then early March we mail in for Feb and early March we mail in for Feb and that's more than $5K. Then we get checks every month of the year March -December totaling 5K.
The healthcare one is much nicer as they will pay you back as soon as the expense is incurred even if the money is not yet in the account.
FSA Childcare is $5,000 a year - 26 pays a year $192 a pay. The company used by my office, reimburses you as soon as you have paid into the account. For example, I get paid tomorrow and by next Wed. $192 will be put into our checking account.
We also have medical FSA. It's the same company and they issue a "debit" card. It is so convenient for doctors and scripts.