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Flex Spending Accounts - help!
DH is switching jobs and I am filling out the benefits paperwork this morning - fun fun. Anyway - I think I want to do an FSA. This is the first time we have ever done one and I have no idea how much to do.
DH has some major dental work that needs to be done (needs a crown and wisdom teeth extraction) and so I guess I should account for the cost of that and put that in there? Does that count? And I'm assuming prescriptions account as well? Also - if I want LASIK next year - would something like that be covered and I can account for that in next year's FSA?
I'm just confused as to how you get an accurate figure for the FSA since if you don't use it all for the year - then it's money lost. It seems like a good idea - but then it seems so risky, too. Any help or insight is appreciated!
Re: Flex Spending Accounts - help!
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This. Also, how much time do you have? Before I had my ortho work done I got a quote from the orthodontist for my FSA. I plan on doing the same for vision correction.
If your FSA is like mine, you actually have until the following April to consume/use the remainder of your FSA.
I budget mine based off of my perscriptions and planned healthcare visits. Lasik is eligible for FSA, and I think major dental work is as well. At the end of the year, if I have extra, I'll go and stock up on Nyquil/Dayquil, Tylenol, and Bandaids. . . I usually am accurate by within $100.
There's a bunch of stuff covered - do you have access to see a list of it all?
for example, in the past, i've bought allergen mattress covers and pillows, chiropractic visits, allergen vacuum, etc.
I was going to add that a bunch of OTC stuff is covered - wherever you go (target, CVS, walgreens, etc) usually mark it on your receipt with a little + sign or whatever to note the item is eligible for FSA reimbursement.
I'm using mine for dental work right now! Wisdome teeth totally count. Mine were complicated, so I can't give you a number on what you'd spend since his will probably be different. Also, crowns and the etc will be okay as well.
Prescriptions are definitely covered. When I was on BC, I used my flex for that. I'm not sure about Lasik, but I would lean towards yes.
Does it say what company they do their flex spending acount from? The company mine is through has a web site that lists everything, and you don't need an account to view the list.