ST Alpha - "Flex accounts suck. If you don't use it, you lose it and if you don't have other coverage you can not put enough aside either." (Reading a Post)

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Flex accounts suck. If you don't use it, you lose it and if you don't have other coverage you can not put enough aside either.

Posted by Amy (aka momstravaganza) Nov 7 '08, 08:05

The only flex account I use is pre-tax daycare. It's a fixed cost and we pay more than the yearly limit for dependant care anyway. Our accountant said we save more taking it out pre-tax than claiming it on our taxes.

Responses:

You know that dentist bill you're getting? Yeah, that's what that's for -- nm - oblique Nov 7, 08:26 4
- GREAT! I'll set aside 2000 dollars for next year when that comes up! No freakin' thanks. Many employees have gotten screwed by our flex accounts. - Amy Nov 7, 08:33 3
  - It really isn't all that hard to estimate avg expenses year to year, espically with a kid. X number of visits, deducatbles, copays, shots, pills, etc - oblique Nov 7, 08:35 2
    - All it saves you is tax--I don't think it would change our bracket and the risk of having leftover is too great. We need every dollar. -- nm - Amy Nov 7, 08:38 1
      - I've never been burned by it so I haven't experienced the risk, just the 5, 10, 15% (whatever it is) savings pre-tax - oblique Nov 7, 08:41
I can see that. It's good for expenses you know you'll have though. -- nm - mara Nov 7, 08:08 11
- A co-worker had a prescription change and now has a ton of money to "waste" by mid-December. Medical stuff is just too iffy IMHO. -- nm - Amy Nov 7, 08:12 10
  - Also, any deductable you've paid through your health plan + copays are eligable. I usually set mine at a minimum to cover those -- nm - oblique Nov 7, 08:29
  - Do they wear glasses/contacts? New pairs would fall under a Flex plan. Also any prescriptions they've used all year -- nm - oblique Nov 7, 08:28
  - Chiropractor visits, 3 days a week! -- nm - JaxSean Nov 7, 08:21
  - stock up on advil, nyquil, and claritin. -- nm - mafic Nov 7, 08:16 4
    - It would all expire. This is a lot of money. And at our rate of pay I'm sure she'd rather be buying groceries instead of new glasses and aspirin. -- nm - Amy Nov 7, 08:18 3
      - she should get a titanium hip. it's just prudent planning. -- nm - mafic Nov 7, 08:22 2
        
        laughing. "you have seen the bionic woman, right? I'd like *that.*" -- nm - pilgrims and indians love mandy lane Nov 7, 08:23 1
        
        I think Spawn would be intimidated -- nm - budice Nov 7, 08:26
  - I used my leftover for funky glasses or resupply of contacts. -- nm - pilgrims and indians love mandy lane Nov 7, 08:16
  - Yeah, unless you're expecting or routine -- nm - budice Nov 7, 08:13

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Flex accounts suck. If you don't use it, you lose it and if you don't have other coverage you can not put enough aside either.

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