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Can someone please explain to me what a FSA is?
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heathergirl
Cocktail Time!
Member since 10/08 4978 total posts
Name:
American mouth
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Can someone please explain to me what a FSA is?
My new job offers a FSA...What the heck is it? I Googled it but it's very confusing. Basically it is an account wher I can put pretax dollars to pay for medical expenses? What if I don't have medical expenses that aren't covered by insurance? What is the benefit? Where does the money go?
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Posted 12/8/08 10:27 AM  |
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MikesWife
Wanting...........
Member since 1/06 6887 total posts
Name:
Karen
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Re: Can someone please explain to me what a FSA is?
You can use it for presciptions, co pays, over the counter medicine too.
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| Posted 12/8/08 10:28 AM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Can someone please explain to me what a FSA is?
Posted by MikesWife
You can use it for presciptions, co pays, over the counter medicine too.
you can use it for anything medically related that your insurance doesn't cover.
If you have an out of network benefit and decide to go to an out of network doctor, the FSA will reimburse you for your out of pocket expenses. The money is pre-tax so you save.
Aspirin, stomach medicines, cough medicine, some first aid supplies are covered.
If you check on drugstore. com they tell you if the stuff you are buying can be submitted to your FSA.
The money gets taken out of your paycheck pre-tax. You end up having lower taxable income. That's where you save.
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| Posted 12/8/08 10:35 AM |
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MsMBV
:P
Member since 5/05 28602 total posts
Name:
Me
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Re: Can someone please explain to me what a FSA is?
Posted by Blu-ize
Posted by MikesWife
You can use it for presciptions, co pays, over the counter medicine too.
you can use it for anything medically related that your insurance doesn't cover.
If you have an out of network benefit and decide to go to an out of network doctor, the FSA will reimburse you for your out of pocket expenses. The money is pre-tax so you save.
Aspirin, stomach medicines, cough medicine, some first aid supplies are covered.
If you check on drugstore. com they tell you if the stuff you are buying can be submitted to your FSA.
The money gets taken out of your paycheck pre-tax. You end up having lower taxable income. That's where you save.
Exactly. Plus there is either the reimbursement one, which I have and I love getting the check back right after the holidays, or there is a credit card one, which acts like a pre-paid debit/credit card so you do not need to bring cash to pay for co-pays, etc at your appointments. Some FSAs actually let you use it for things like tampons and baby diapers/formula as well.
I like having a FSA b/c it helps me to keep very close track of my medical expenses and it is easy to hand in paperwork for my tax returns every year, in addition to having pre-tax deductions each paycheck.
Message edited 12/8/2008 10:38:48 AM.
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| Posted 12/8/08 10:38 AM |
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-Lisa-
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Member since 5/05 6530 total posts
Name:
Lisa
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Re: Can someone please explain to me what a FSA is?
The benefit is paying for medical expenses with pre-tax dollars.
However you have to be very careful with how much you allocate. If you don't use it, you lose it.
Its great for deductibles, co-pays, prescriptions, glasses/contacts, and anything above and beyond your coverage (like major dental, etc).
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| Posted 12/8/08 10:41 AM |
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tourist
Member since 5/05 10425 total posts
Name:
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Re: Can someone please explain to me what a FSA is?
It's great if you plan doesn't cover vision. The FSA can be used for glasses, contacts, optomotris exams, even contact solution.
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| Posted 12/8/08 11:23 AM |
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