Comments on: Spend your remaining FSA Dollars!

By: Jerry H.

Jerry H. — Tue, 19 Oct 2010 16:54:11 +0000

We did this thing last year. we had almost $150 left in our FSA and didnt want to lose it. then our neighbor told us about the Fresh Air Club and how we should have our home air filters delivered instead of worrying about going to the store all the time (plus it was cheaper than home depot). So we went to http://www.freshairclub.com and signed up for their air filter subscription service. since my wife an i both suffer from allergies, this was a great way to keep the air in our home pollen free! Plus, we didnt lose our FSA dollars.

By: Shawn

Shawn — Thu, 08 Jan 2009 16:30:10 +0000

All plans are different, but if you didn’t use up your 2008 dollars, don’t fret.

Most plans have a “Grace Period” where you can claim 2009 expenses out of your remaining 2008 balance.

For my plan, we have until 6/30/2009 to submit expenses for 2008, but we also have a 2.5 month grace period (through 3/15/20009).

So, I had about 150 left in my 2008 account at the end of the year, but I can claim expenses through 3/15/2009 on my 2008 dollars. Our expense form has a check box to designate whether to take it out of 2008 or 2009.

By: Revanche

Revanche — Wed, 31 Dec 2008 00:56:44 +0000

I just submitted the reimbursement for the last of my FSA money today. Unbelievably, I really did use up the entire $900 allocated for this year, and I still haven’t even gotten my new eyeglasses yet. Thankfully, that’ll come out of next year’s money, I only opted for $700 so here’s hoping it’s a relatively healthy year.

By: lulugal11

lulugal11 — Tue, 30 Dec 2008 22:25:58 +0000

@ CD
Yes that helps. I am sooooooooo silly because I have this coming out of my check but forgot about it. I only put $60 for the year so I guess I need to go look for the forms and fill out the reimbursement.

The plan person was talking about signing me up for some deduction and I just signed what she was doing. I vaguely remember $60 a year being mentioned…….

I guess I need to pay better attention. Depending on how things go I might take that stuff off my deductions next year.

By: Clever Dude

Clever Dude — Mon, 29 Dec 2008 23:22:30 +0000

@lulu, you have to be enrolled in an FSA through your employer (ask HR if they have a plan). For 2009, you enroll in the program in 2008 and decide how much should be deducted from your payroll when you enroll, generally when you enroll in all your other benefits (Oct/Nov). It comes out pretax from your paycheck.

Depending on your plan, you might get a debit card that’s loaded with all the money you elected up front, or you might have to submit receipts for reimbursement to the plan provider. Once all your elected funds are used up, then that’s it for the year. But if you don’t use it all up, then you lose it, which is why it’s important to elect the right amount for the next year because you can’t change it!

That’s the basics. Hope that helps

By: lulugal11

lulugal11 — Mon, 29 Dec 2008 22:54:55 +0000

Question!!!!

How do you go about ‘spending’ the money in the FSA? I am not familiar with this because I never had it before. I bought stuff at CVS and it says I have an eligible amount but what do I do with this?

I know it sounds silly but I am lost on this topic. How does the FSA work?

By: Craig

Craig — Mon, 29 Dec 2008 21:25:47 +0000

Good tip, I don’t have that plan with my employer although that would have been nice since I recently had finger surgery and had expenses through that and prob will get more bills in the future.

By: MoneyMateKate

MoneyMateKate — Mon, 29 Dec 2008 19:59:44 +0000

Some FSAs cover massage therapy, though they may require a doctor’s recommendation/note. I have a few massage clients who just get one whenever they go to their doctor and keep it handy for when they need me (I work on a lot of marathon runners and cyclists). If the MT writes out your receipt in an FSA-friendly way, you could use up funds to pre-pay for next year’s sessions or buy a gift certificate.