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{ 11 comments… read them below or add one }

101 Centavos November 22, 2010 at 7:02 am

Rather than an FSA, we opt for the high-deductible Health Savings Account option. With an HSA, there is the option of reimbursing yourself later for qualified medical expenses. With an FSA, the notion that the company ends up with the unused portion of *your* money just doesn’t seem right to me.

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Kris November 22, 2010 at 4:25 pm

Andrew – I think we are going to consider the high deductible HSA this year too for the first time. I am nervous… 🙂

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The Biz of Life November 22, 2010 at 1:37 pm

My problem with FSAs is that I never know how much to put in at the start of the year, and always end up giving money to the company. Wish I had a good way to estimate how sick the kids were going to get.

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Kris November 22, 2010 at 4:24 pm

Biz- you aren’t kidding, I really got burned on the FSA this year. I underestimated by over 3 thousand dollars! However, I am afraid if I overestimate, I will lose money. In retrospect, I guess I ‘gave up’ a thousand dollars by underestimating this year.

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Money Reasons November 22, 2010 at 8:30 pm

I’ve never done a FSA before. I do have an HSA though, but I don’t know if I’m that crazy about it.

We just finished watching The Grinch… 🙂

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Kris November 23, 2010 at 2:13 pm

Oh the Grinch, how wonderful!

I love my FSA when I estimate properly.

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Valerie November 24, 2010 at 9:22 am

I love our FSA, and I’m shocked when people have the option but don’t contribute anything. Yes, you might lose your money if you don’t use it. But I’m sure everyone uses at least $100 in medical related expenses each year! I mean, seriously now.

Our FSAs have worked us some steep discounts on dental work (oh root canals, how painful you are to both mouth and wallet) and LASIK. When you work out your tax savings, you can save a lot by using the FSA because they are pre-tax.

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Kris November 24, 2010 at 7:57 pm

I paid for LASIK with FSA money too, and also 2 sets of braces. This year some expenses came up that I did not expect (wisdom teeth removal, bone scan, dental crown), but at least I did deduct some.

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Mark November 28, 2010 at 1:18 am

Very informative. Flexible spending accounts are an area that I am vastly uninformed about.

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