sherod

Am looking at the option of using a Flex Spending Account instead of conventional insurance here at work. Never used one before.
I realize the impact of more medical cost than whats in the acct, but anybody have any thoughts on using a FSA?

With the limited options available with the normal coverage, looks like the best way.

Thanks for your inputs, both good and bad.

Ed

Redleg

I'd check some of your local doctors billing offices. See how many headaches they run into trying to collect, or whether they are gonna put you through hoops, requiring you to pre-pay for any service. A benefit insurance companies DO provide, is the doctor gets payed AFTER providing his service. Hate to be the one that pre-pays and his pager goes off cause he scheduled you during his "on-call" time trying to manage his "spare" time, or some other target of opportunity.

sherod

Good point. I do have a workaround for both the wife and myself. She is VA eligible with 70% disability, and I have Tricare. The biggest thing I can think of with the FSA is the vision and dental possibilities it offers. The choices given by the Commonwealth for normal health care appear to be VERY lacking in both areas.

Thanks

Ed

Equalizer 2

As a military retiree myself I use a Flex account along with Tricare. As you are probably aware there are many things that Tricare does not cover, vision, dental, and your deductible. Chiroprators are also not covered and I use the Flex plan to make up the difference. I don't know about your state but I think they are limited to like $3500 per year and last year started doing over the counter medications also. The big benefit of the Flex plan is in the fact that the money you put into the plan comes out of your pay before taxes thus reducing your tax base. For example if your Gross income for the year is $35,000 and you have a Flex plan for $3000 then your FICA is based on $32,000. As I don't have a state income tax I don't know if it applies there. A Flex plan is not intended to replace insurance but it is to be used to pay what insurance does not pay. The only catch is if your plan is for $3000 and you only use $2400 or any other portion you do not get any of the money back. If you use $1 you lose everything else. If you use $3200 you only get $3000.

Hope this helps you make a decision. Personnally I have used it since it became available to me and with my wife we have gotten every $$$$$ back, though this past year was close as I upped my plan amount.

sherod

Thanks for the input. Just filled out the forms to do the FSA.

Thanks for the help guys, I really appreciate it.

NeedingsomeasprinbadEd

Lary Ellis (Top)

I concur completely with the other posters, nothing left for me to add as they covered it right on the button from my experience as well.

Well done Gentlemen, now lets work on that pesky Foreign Policy issue

sherod

Lary, set up the coffee, I got the asprins found. We should have that policy ironed out in about 2-3 hours tops.

Thanks again guys.

HeadsnothurtingtoomuchnowEd