txtig
Full time employment: Posting here.
I've been contributing to FSA's (Flexible Spending Accounts) for several years through my employer. These accounts are used to pay certain qualified health care costs with pre-tax dollars. Depending on your tax bracket, the tax savings can be fairly significant, and the use of a FSA debit card makes the use of the funds pretty easy, as compared to filing claims to obtain reimbursement of eligible expenses.
But, . . . I'm now having second thoughts about whether I should continue to participate in this plan for several reasons. One, Obamacare has now limited FSA contributions to $2500 thereby limiting the potential tax savings. And, most significantly, I’m finding that I’m getting more and more requests from the FSA administrators for additional documentation on expenses that I have charged on my FSA debit card.
For me, the administrative hassle is reaching the point where I think I'd rather forego the savings rather than spend so much time digging up receipts to satisfy the FSA administrator's requests for documentation.
My FSA debit card is currently locked up because I’m late in submitting documentation to support a charge of a few hundred dollars to a local hospital. So, I've got money that I contributed to my account that I'm currently unable to use to pay current medical expenses. I'll be able to unlock the card as soon as I get a detailed receipt from the hospital, but the aggravation factor for me has reached the point where it’s no longer worth the hassle.
I'd appreciate other’s viewpoints on this issue and your experiences on using FSA's. Thanks.
But, . . . I'm now having second thoughts about whether I should continue to participate in this plan for several reasons. One, Obamacare has now limited FSA contributions to $2500 thereby limiting the potential tax savings. And, most significantly, I’m finding that I’m getting more and more requests from the FSA administrators for additional documentation on expenses that I have charged on my FSA debit card.
For me, the administrative hassle is reaching the point where I think I'd rather forego the savings rather than spend so much time digging up receipts to satisfy the FSA administrator's requests for documentation.
My FSA debit card is currently locked up because I’m late in submitting documentation to support a charge of a few hundred dollars to a local hospital. So, I've got money that I contributed to my account that I'm currently unable to use to pay current medical expenses. I'll be able to unlock the card as soon as I get a detailed receipt from the hospital, but the aggravation factor for me has reached the point where it’s no longer worth the hassle.
I'd appreciate other’s viewpoints on this issue and your experiences on using FSA's. Thanks.