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Retired
Old 10-18-2006, 04:27 PM   #1
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Retired

Signed out yesterday at work, and bicycled home (after moving the termination interview
up to 11am from 1230 because I was bored). I was glas I had the extra time, because . . .

I found out that FSA money had to be spent by your termination date, so I spent the next
3 hours getting an eye exam, ordering new glasses, etc, managing to spend $750 off the
approved list by the time I left Costco and Target. I still left a bunch of money on the table,
but it is my own fault for not understanding the rules.

Now I can relax. It is very satisfying knowing I will never have to spend time at work again.
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Re: Retired
Old 10-18-2006, 04:35 PM   #2
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Re: Retired

Congratulations! Every time I read a success story like this, it just fuels my own determination to make it work.

Happy cycling!
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Re: Retired
Old 10-18-2006, 04:42 PM   #3
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Re: Retired

Bike on, dude... 8)
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Re: Retired
Old 10-18-2006, 06:57 PM   #4
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Re: Retired

Congrats, and enjoy.
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Re: Retired
Old 10-18-2006, 07:28 PM   #5
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Re: Retired

Now that you can see where you're going, you'll enjoy cycling even more--happy trails
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Re: Retired
Old 10-18-2006, 07:43 PM   #6
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Re: Retired

Congratulations and thanks, a lot, for the heads up on the FSA.
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Re: Retired
Old 10-18-2006, 09:50 PM   #7
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Re: Retired

Quote:
Originally Posted by CyclingInvestor

I found out that FSA money had to be spent by your termination date
I thought to cyclists FSA means Full Speed Ahead and you spent the mony on a compact crank...............

seriously I'm also looking forward to lots of cycling when I ER in a few years time. I'm planning a trip across the US and then back to Europe to do the UK coast, then Iceland and France.
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Re: Retired
Old 10-18-2006, 10:02 PM   #8
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Re: Retired

Congrats on escaping. Other than finding the woman I married, retirement is the best thing that I've ever done for myself. Welcome to retirement.
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Re: Retired
Old 10-19-2006, 01:17 AM   #9
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Re: Retired

You're too young too retire. What are you going to do all day?

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Re: Retired
Old 10-19-2006, 08:55 AM   #10
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Re: Retired

Congratulations! Lot of new retirees this year on the board.

I think, though, that you can COBRA an FSA.
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Re: Retired
Old 10-19-2006, 09:17 AM   #11
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Re: Retired

Quote:
Originally Posted by Martha
Congratulations! Lot of new retirees this year on the board.

I think, though, that you can COBRA an FSA.

Every time I see the COBRA word all I think about is Snakes..............I hate snakes. Oh well, I'm sure it's got to be a US. thang!.......Let me guess, something to do with health care?
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Re: Retired
Old 10-19-2006, 09:42 AM   #12
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Re: Retired

Don't COBRA that FSA, my friend
Pass it over to me.
Don't COBRA that FSA, my friend
Pass it over to me.

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Re: Retired
Old 10-19-2006, 10:32 AM   #13
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Re: Retired

Quote:
Originally Posted by Martha
Congratulations! Lot of new retirees this year on the board.

I think, though, that you can COBRA an FSA.
If you have any link that shows that PLEASE pass it on. All sites I have found
say "by your termination date", and I lost around $1000.
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Re: Retired
Old 10-19-2006, 11:26 AM   #14
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Re: Retired

http://www.flexamerica.com/cobra/cobra.htm

COBRA and Cafeteria Plans
A cafeteria plan (as defined in Section 125) or other flexible benefit arrangements constitute a group health plan subject to COBRA. However, except in cases where the plan is subject to HIPAA, COBRA continuation need only be offered in cases where there is a positive account balance at the time of termination and only to the end of the current flex plan year.


Here is the notice we give our employees when they leave regarding their FSA:

If your service with us terminates for any reason other than gross misconduct and if you were contributing to the health care account of the Flex Plan on a pre-tax basis, you may have the option of keeping your health care account Flex Plan coverage in force by continuing to make the required contribution on an after tax basis or you may discontinue participation in the health care account of the Flex Plan. You may not contine to participate in the dependent care account or the premium conversion portion of the Flex Plan. If benefits paid to you under the health care account exceed the amount you contributed, you cannot continue to particpate in the Flex Plan. If you decide to discontinue participation in the health care account of the Flex Plan, you cannot be reimbursed for expenses incurred after your employment termination date. If you are eligible to and wish to contine participating in the health care account of the Flex Plan, subject to payment of the required contributions, your period of contination will not extend beyond the end of the Flex Plan year (December 31 of the current year).

So, yes you can Cobra that FSA, my friend.

Here is a good Kiplinger article on the issue: http://www.kiplinger.com/personalfin...2006/q0911.htm
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