Thread: FSAFEDS: 2006 Open Season ENDS Dec 12, 2005

$5,000 for my son. I think its a flat fee anymore no matter what you have done.

Show-me wrote:

$5,000 for my son. I think its a flat fee anymore no matter what you have done.

Wow, that for the info. I waited til the last day and only allotted what I'm out-of-pocket so far in 2005 plus $100. I guess I'll waitdo it in 2007. It is so expensive, it will be good to pay with pre-taxed/pre-SS money.

Since 2005 was the first year for FSA, I only put $600 in it. It worked fine for me and in 2006 they will be doing electronic deposit so no more having to get checks in the mail and depositing them.

What were other people experience with FSA this past year?

A friend of mine has had positive experience. I was still able to sign up yesterday even though they said it was closed by 12/12. Set aside$1000 which can be used thruend ofmarch 2007. They have a calculator, but I tried my best to estimate using this years number. Still quess work. Here's the link

https://www.fsafeds.com/fsafeds/index.asp

I have had this for the calendar years 2004 and 2005; each time I put $1000 in, which comes out of each check. By the time routine tests, dental work and chiropractor had me run through I used it all be June! This year I increased it to $1200. Good news is that they will pay for OTC meds, drugs that the deductible doesn't cover, dental crowns and route canals and this year even some degree of travel to and from physicians etc. Only down side is if you don't use it, whcih won't happen to me; I'd have extra dental work before losing money!!! I did put off 2 cavities that need work until this year rolled around. I also understand that BC/BS may be allowing chiropractors this year, which also will help. My experience with this program is very positive; easy to sign up but deadline is past; easy to ask about reimbursement as it is all done online and by fax machine.

There is advantages & disadvantages with this program if your planning a health expense at the beginning of the year and want the tax reduction. The downfall is this program takes out prior of your social security and retirment funds and you may see a lower retirment check when u retire. So the government is supporting health programs if you spend by giving you a tax break right away but u will have a reduction in retirement benefits at retirement time for using it.

Didn't realize that, CB. Thanks for the information. I have already signed up for this year but it will adversely affect my eventaul retirement income I will rethink for next year.