Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Changing j*b, medical 125 problem
Old 03-30-2010, 04:02 PM   #1
Full time employment: Posting here.
ProspectiveBum's Avatar
 
Join Date: Sep 2006
Location: SoCal
Posts: 667
Changing j*b, medical 125 problem

I'm in the process of switching to a new job, and have run into a problem with my 125 account at my old employer. I've got $1,750 in the account, and haven't made any claims against it this year (yet). The fund administrators are basically saying that I must forfeit the funds because I haven't filed any claims. They're further saying that I won't be able to file claims for those funds in the future because I'll no longer be an employee. That can't be right, can it? Do I have any recourse here?

I'd used a 125 for dependent care previously, which worked well because those expenses were greater than my contributions to the flex account. In the case of the medical, it's not looking like such a good deal.
__________________

__________________
I can't complain, but sometimes I still do.
- Joe Walsh
ProspectiveBum is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 03-30-2010, 04:23 PM   #2
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
easysurfer's Avatar
 
Join Date: Jun 2008
Posts: 7,908
I'm not familiar with 125s, but I think with FSAs that's how things work.

When I left (in Jan of '98), I could have maxed out my FSA and left in January and would not have to pay back the amount since I planned out so much in my FSA. But once having left, am not allowed to claim anything unused in the FSA.

I probably should have done that -- maxed out my medical costs -- physicals, new glases, stocked up OTC medication, etc. up to the FSA before leaving to not leave anything on the table.
__________________

__________________
easysurfer is online now   Reply With Quote
Old 03-30-2010, 05:47 PM   #3
Recycles dryer sheets
 
Join Date: Jan 2010
Posts: 174
yes i belive that is how it works - you can only claim expenses during your employment time with them.

I always like to use up the bulk of mine in January (eye glasses, contacts,physicals) so that that I am using company money during the year.
__________________
jwkde is offline   Reply With Quote
Old 03-30-2010, 06:01 PM   #4
Full time employment: Posting here.
ProspectiveBum's Avatar
 
Join Date: Sep 2006
Location: SoCal
Posts: 667
Ouch. Well, that was an expensive lesson learned.
__________________
I can't complain, but sometimes I still do.
- Joe Walsh
ProspectiveBum is offline   Reply With Quote
Old 03-30-2010, 07:29 PM   #5
Thinks s/he gets paid by the post
DangerMouse's Avatar
 
Join Date: Jan 2007
Location: Silicon Valley
Posts: 1,812
Check to see what the cutoff date is. Is it your final day of employment or is there a 30 day grace period.
__________________

I be a girl, he's a boy. Think I maybe FIRED since July 08. Mid 40s, no kidlets. Actually am totally clueless as to what is going on with DH.
DangerMouse is offline   Reply With Quote
Old 03-30-2010, 07:41 PM   #6
Moderator
Alan's Avatar
 
Join Date: Jul 2005
Location: Eee Bah Gum
Posts: 21,154
Quote:
Originally Posted by DangerMouse View Post
Check to see what the cutoff date is. Is it your final day of employment or is there a 30 day grace period.
I had a 60 day cutoff period to claim for services rendered before the official date of retirement. Also allowed to claim a year's worth of "intended" contributions. For 2010 I was having $100/month deposited from paycheck to FSA. Official retirement date was 3/2/10 so in Jan and Feb we went to the dentist, eye doctor etc and even though I had only contributed $200 before RE'ing I was able to claim up to $1,200. I just put in the last claim this week, once I'd received the EOB for the dentist.
__________________

__________________
Retired in Jan, 2010 at 55, moved to England in May 2016
Now it's adventure before dementia
Alan is online now   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Problem with a medical bill... FIREd Other topics 20 05-21-2009 11:18 AM
Found: 125,000 gorillas! mickeyd Other topics 5 08-06-2008 05:28 AM
Boone Says Oil Goes to $125 Soon; Soros Calls It a Bubble haha FIRE and Money 19 04-19-2008 09:37 AM
Oil 110? 115? 125? newguy88 Other topics 23 03-12-2008 04:30 PM
Medical Insurance - Another Bigger Problem!! Cut-Throat FIRE and Money 72 09-21-2004 12:57 PM

 

 
All times are GMT -6. The time now is 04:55 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.