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If you have a health insurance plan that includes the ability to use a Flexible Spending Account, do you currently have an FSA?
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The group health insurance I am part of has 7 different plans. Some of them include the option of a FSA. My plan, however, includes the option of an Health Savings Account (HSA) which I use.
when I had insurance that had the FSA option, I used it.
No, not per se. However my previous employer’s retirement benefit has an spending account that they fund to that covers my Gap plan cost.
We have BC/BS federal that has a program where you can earn money by answering questions, submitting A1C results, etc. I use the money for prescriptions, co-pays, dental visits. It isn’t a lot of money, but every bit helps! The money also carries over from year to year.
Oops. I selected Other, but probably should have selected “N/A – I do not have health insurance that includes an FSA option”. I opt into FSA as a separate option through my employer provided benefits.
I might be wrong, but I don’t think retired people on Medicare can have an FSA since it’s an employee benefit.
I don’t recall being offered an FSA since becoming retired
I have Medicare, does not include FSA.
We have excellent health insurance through my husband’s work that covers most procedures/equipment/ prescriptions in full or with a small copay. He set aside fsa $ one year but we had a tough time spending it all by the end of the year (it wasn’t even that much set aside). That, plus the amount of paperwork, my husband determined it wasn’t worth his effort for what turned out to be a small amount of tax savings.
High deductible plan with a health savings account
I have the ability to use a FSA with my insurance plan but I have never used it because I do not know much about it. I did hear from one coworker that she took the FSA option and that it was a PIA to use and would not recommend it.
Just be aware any money you place into FSA from your paycheck and then do not use in course of a year, you loose that money.
I said “other” because I’m not sure if the HSA is different from the FSA… they must be different, I just am not sure how.
But, I have an HSA.
I use the HSA instead, since I rollover any leftover funds and use them for life, tax free.
I recently got what’s called an HSA. Similar to FSA but big difference it’s a rolling balance year over year. It never goes away like an FSA “use it or loose it policy”. My goal is to save for a couple decades in this HSA and when I retire I have a bill of non taxable cash to use for medical expenses.
SAME
I have an HSA – I selected “Other” in the poll
I have an HSA, not an FSA account – – am on a high deductible plan.
I chose to have a High deductible plan with an HSA, and the current goal is not to touch any of the HSA money but instead leave it invested for long-term medical costs for when I’m older, in retirement, or for dependent health care costs. I’ve maxed my contributions out for the last 3 years – I only wish I’d started doing the HSA sooner instead of an FSA, which I did for a few years prior to the switch (I’ve only had T1D for 6.5 yrs) but having 3 more years of invested HSA money would be great. There should be a way to do catch-up contributions to an HSA back to the time of a serious diagnosis like T1D since the costs are unknown prior to a diagnosis, they add up, and they’re long-term and constant. I also have 5 young girls (all under 7), so who knows how many costs we’ll have for them in the future. So far, they’re all healthy, and there’s no indication of any Auto-immune issues, and hopefully, there never will be. I was diagnosed at 38, so hopefully, my T1D is just a fluke thing.
Like so many others, I have an HSA, not an FSA account – – am on a high deductible plan.