Flexible Spending Account

[ChemEng]

Anyone know of a reason why we should be able to simply roll over FSA money year after year?

There are High Deductible Heath Plans (HDHPs) that have options just like you are talking about. Some of the plans even pay you to be in them depending on your location.

Back on topic---

I work with the Government and have not enrolled in the Feds FSA. Since we are expecting our first child in December, I was thinking this could be a good tool to help reduce costs.

The only problem is I have no idea how to estimate the medical costs of a newborn during the first year. Anyone care to share some experiences with number of visits, medications, immunizations, et al that are required in the first year? I realize there is a big difference in the medical costs between a normal delivery and a delivery with complications. Im just looking for some experience to start with.

Thanks in advance!

 

[SecondCor521]

The only problem is I have no idea how to estimate the medical costs of a newborn during the first year. Anyone care to share some experiences with number of visits, medications, immunizations, et al that are required in the first year? I realize there is a big difference in the medical costs between a normal delivery and a delivery with complications. Im just looking for some experience to start with.

Thanks in advance!

The easiest way to do this is to call up your new baby's pediatrician's office and ask them. They'll be able to tell you what the basics are that you'll probably have. From what I recall, you'll have a lot of well-baby checkups and immunizations. You may also want to buy infant versions of the basic medicines, like infant Tylenol, infant Sudafed, etc. If this is your first child you may want to plan on some "sick" visits to the doctor -- where you are worried about your kid and just want the doctor's assurance.

Is your baby going to be born in December or January? Last I looked the FSA accounts are on a calendar year basis, so if your baby is going to be born in December you'd have to use FSA money from this year's contributions for that. Your newborn will have a hospital bill, probably a pediatrician's visit, and circumcision if you're having a boy and you decide to do that.

2Cor521

 

[ChemEng]

The easiest way to do this is to call up your new baby's pediatrician's office and ask them.

Thanks for the advice. Gave the office a call and they said their are 4 typical wellness visits in the first year and its during those 4 visits that the first immunizations are given. That should be enough information to start searching through the insurance book about what it will cost and whatever. Combine that with 2 dentist visits for 2 people a year, 2 eye exams, et al and it will add up pretty quickly. My gut call is ~$500-600.

 

[bow-tie]

DW and I use our respective dependent care FSA offered through each of our MegaCorps for our kids' daycare and nanny expenses.
10k (5k max per person) annually pretax, works out to a tax savings of about 4k for a expense that we'd have to cover no matter what...

I thought the dependent care amount was 5k per family? Is it per person?

The site below says its a household limit.

Dependent Care FSA Account FAQ - Benefit Resource, Inc.