Medical Insurance Flex Spending - Has it worked for you?

**mrsfoamy** · 01-11-2009, 10:53 AM

It's open enrollment time for my insurance's flex spending program, where you can have a payroll deduction so you have money put away to pay for your deductables, medicine and other expenses. I was interested in doing it because I still owe some doctors for my last year's out of pocket and I want to avoid that.
My friend said she won't do it again, as she felt even after she was reimbursed for what she spent and paid in, she felt like they were taking money out of her check above and beyond the agreed amount.
Anyone else have good/bad experiences?

**ilovechocolate** · 01-11-2009, 11:05 AM

I love it! It's great to be reimbursed for the money that I have to pay up front. Plus, it has something to do with pre-tax dollars------I don't understand it completely but it IS a very good way to do things.

My only problem each year is figuring out how much to have taken out of my check each month. I've been pretty close each year to what was actually needed except for last year when I developed gum disease and had to have some surgery and other treatments. Oh well.

**mrsfoamy** · 01-11-2009, 11:10 AM

I'm glad it worked for you. I was considering going a little under my actual expenses, so maybe to avoid the problem my friend had. I do like the before tax part, too.
thanks!

**Neeley** · 01-11-2009, 11:12 AM

It has been great for us. DH has $2500-$5000 flexed from his pay each year and we have always used every penny of it.

**beks37** · 01-11-2009, 11:18 AM

I just started using this for the first time this year and I wish I had started it sooner. I started small $600, but I'm sure I'll use it all. Basically, I have a debit card that the money is loaded to and I can use it on all approved medical expenses. From deducibles to cough drops. The money is taken pre-tax $25 each check, so really it is only costing me roughly $16 per check. I so wish I would have done this last year because I had a ton of out of pockets with my IVF procedures.

**JessieMom** · 01-11-2009, 11:49 AM

I love our health care flex fund because they take it out pre-tax. We wouldn't be able to deduct it otherwise as we don't hit the % req. The hardest part is figuring out how much to have taken out because you don't want to much taken out or you'll loose it but you want to get the maximum tax advantage. The past 2 years we have had $2500 deducted & have used it all each year and then some. This year I raised it to $3500 because I expect Em will get braces this year.

**dcompton** · 01-11-2009, 03:31 PM

Love it. They do take out a bit more. My plan charges around $3 a month for an administration fee. If yours does, that should be spelled out up front. The tax break is great, more than compensating for the administration fee. If you have some left over at the end of the year, you can always use it to stock up on OTC meds and other allowable expenses.

This is the first time I have done it too (our year runs from July-June, so I'm about half through the first year). It is easy to use. I submit the claim on line - I use the library scanner to scan the receipts and e-mail them in - and have the check back in about a week. In fact, I should get one tomorrow. I LOVE getting checks in the mail!

**Persimmon Lace** · 01-11-2009, 04:38 PM

It is well worth it, we've used it at every job it's been available. It does reduce your taxable income which is a good thing. You're girlfriend isn't reading her numbers right.

**jayneluvsmickey** · 01-11-2009, 04:55 PM

put in $1000 in 2007....used it all and could have used more

put in $3000 in 2008....used it and was just about right

putting in $3000 for 2009 and have already used $400 of it and expect to use it all

dh and i have a couple of medical issues that require regular check ups and maintenance meds

**Gardengal18** · 01-11-2009, 05:02 PM

Love it! Have used it for years. Thanks for the reminder I still have a couple of receipts that I need to submit for reimbursement from last year. That will be the first thing on the "To Do" list tomorrow morning!

**jillywalnuts** · 01-11-2009, 07:05 PM

I've also used it for years and my plan doesn't have any kind of admin fees, so its $ for $. There are numerous reasons I love it:

taken out pre-tax,
I get a Benny card so I don't have to submit any claims - just use it like a credit card,
you can use it on stuff like contact solution or aspirin if you have leftovers,
I don't notice the money is gone because its like I never had it
and most of all I may have a claim for $1000 in May which I can pay, even though I haven't finished paying into the fund until December.

Works for me...

**TinyDancer** · 01-11-2009, 09:48 PM

I love having a flexible spending account! My plan issues a debit card that I use for co-pays at my dr., dentist, eye dr., etc. I can use it for over the counter drugs as well.

I never seem to put enough money in though.

**zakity** · 01-11-2009, 10:11 PM

I love ours. I have a few columns in my spreadsheet dedicated to our flex stuff. One column is this years "what we have spent". One column is the money that we have gotten back from the flex account (to make sure we use it up). And, the last column is next year's guesses.

**SHOPGIRL** · 01-12-2009, 11:25 PM

I love it! I didn't realize till this year that medical mileage was an expense that could be used for flex spending. I just wish that our maximum was more than $2500.