Flexible savings for health costs through work.

[BensDad]

Do any of you have a flexible savings account through work? We are allowed to put some money aside pre-tax, and then use it for health care costs throughout the year. I'm considering doing it for next year, is it worth the hassle?

 

[jason]

From my understanding, and you may want to double check. But the savings plans under the new health care bill is not worth it. You will need a prescription to buy over the counter medication if you use money out of the savings plan. Again, double check.

 

[Steve]

I did this a couple years back and ended up losing the money that was left at the end of the year. We did not get sick or need to extra. I think they should allow you to have the rest (even if they tax it) since it is our hard earned money to begin with, but that is the insurance company making the big bucks!

 

[DriverDan]

I did this one year and it wasn't worth it for us. It might just be my company, but it took a while to get reimbursed, and then like Steve, I didn't use all the money and lost some of it. So that was the only year that I did this.

 

[daddyJoe]

The company I work for has a flexible spending plan for health care costs. I don't like the thought of not using all of it and loosing the money at the end of the year, so I haven't enrolled in it. I think they might be good for someone who has a lot of out-of-pocket medical expenses, though.