Comments on: Why I Love Flexible Savings Accounts http://sweatingthebigstuff.com/why-i-love-flexible-savings-accounts/ Spending Wisely: Making Smart Personal Finance Decisions Wed, 08 Feb 2012 02:07:00 +0000 hourly 1 By: Steve L http://sweatingthebigstuff.com/why-i-love-flexible-savings-accounts/comment-page-1/#comment-3407 Steve L Fri, 02 Jul 2010 21:42:44 +0000 http://sweatingthebigstuff.com/?p=624#comment-3407 FSAs save my butt every year. Just figure out how much you spent LAST year on medical, etc. This is copays, and other uncovered medical, dental, vision expenses. Halve it. Then feel comfortable that you'll never leave any money on the table. For our family, we blow through the 5K in about 6 months and then have 6 more months to "pay it off" kinda like an interest free loan. FSAs save my butt every year. Just figure out how much you spent LAST year on medical, etc. This is copays, and other uncovered medical, dental, vision expenses. Halve it. Then feel comfortable that you’ll never leave any money on the table. For our family, we blow through the 5K in about 6 months and then have 6 more months to “pay it off” kinda like an interest free loan.

]]> By: Daniel http://sweatingthebigstuff.com/why-i-love-flexible-savings-accounts/comment-page-1/#comment-19 Daniel Mon, 30 Nov 2009 21:21:05 +0000 http://sweatingthebigstuff.com/?p=624#comment-19 Good point, I think that HSAs are definitely an advantage, but I'm not so lucky to have one. What I do is slightly overestimate what I'll need. I use it for all medicines, doctor and denstist appointments, eye exams, contact lenses, and glasses, and then add a small amount on top in case of emergencies. That way, I know that if I have more expenses than expected, I'll still save ~25% on the first several hundred in expenses. One of the nice things about my FSA is that if I have money left over, I can use it through the end of March, so by open enrollment (mid-October of the following year) I am able to see how much I should adjust for the coming year (and use unused funds from January until March). Evan, do you have an FSA or HSA that you can participate in? Rachel, what do you think about putting in just enough for what you know you'll use: regularly schedules appointments such as dentist and check-ups? Good point, I think that HSAs are definitely an advantage, but I’m not so lucky to have one. What I do is slightly overestimate what I’ll need. I use it for all medicines, doctor and denstist appointments, eye exams, contact lenses, and glasses, and then add a small amount on top in case of emergencies. That way, I know that if I have more expenses than expected, I’ll still save ~25% on the first several hundred in expenses. One of the nice things about my FSA is that if I have money left over, I can use it through the end of March, so by open enrollment (mid-October of the following year) I am able to see how much I should adjust for the coming year (and use unused funds from January until March).

Evan, do you have an FSA or HSA that you can participate in?

Rachel, what do you think about putting in just enough for what you know you’ll use: regularly schedules appointments such as dentist and check-ups?

]]> By: Evolution Of Wealth http://sweatingthebigstuff.com/why-i-love-flexible-savings-accounts/comment-page-1/#comment-18 Evolution Of Wealth Mon, 30 Nov 2009 20:48:21 +0000 http://sweatingthebigstuff.com/?p=624#comment-18 Rachel hit the nail on the head. Have you looked into HSAs or alternatives to the FSA? The use-it-or-loose-it feature could easily mean that if you don't spend it your employer gets it not you. You've touched on some great benefits here what about the disadvantages? Don't you think those are worth mentioning? Rachel hit the nail on the head. Have you looked into HSAs or alternatives to the FSA? The use-it-or-loose-it feature could easily mean that if you don’t spend it your employer gets it not you. You’ve touched on some great benefits here what about the disadvantages? Don’t you think those are worth mentioning?

]]> By: Rachel K http://sweatingthebigstuff.com/why-i-love-flexible-savings-accounts/comment-page-1/#comment-17 Rachel K Mon, 30 Nov 2009 20:00:39 +0000 http://sweatingthebigstuff.com/?p=624#comment-17 Funds in FSA that are unused at the end of the year are no longer available the next year. Use it or lose it is not a risk I like taking with my $ Funds in FSA that are unused at the end of the year are no longer available the next year. Use it or lose it is not a risk I like taking with my $

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